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New Jersey Surges in Tax Revenue | Jersey News
New Jersey’s fiscal outlook is looking strong as July tax collections surged over nine percent year-over-year, driven by sales and business taxes—outpacing inflation and signaling a healthy revenue stream. With a record $61 billion budget approved and new tax hikes on cigarettes, online gambling, and luxury real estate already in place, officials are banking on tech growth and the FIFA World Cup to fuel continued momentum. Despite a dip in income tax receipts due to timing, overall income tax revenue rose nearly 10 percent over the past year, while lottery sales jumped 12 percent—hinting at a…
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