Tax Man Cometh

State governments are raising taxes to address the explosion in government spending over the past several years.

The highest tax rate in NJ, already one of the highest in the nation at 8.97%, is likely to go higher if Jon Corzine and his fellow Democrats get their way. Corzine has proposed a "temporary" increase in the top rate to 10.25%.

Just a few years ago, NJ's top tax rate was 6.37%. The new rate would mean a 61% increase in the tax rate since 2004.

This is the direct result of Democratic control of all branches of government and the ensuing spending and tax explosion.

To put this in historical perspective, NJ didn't have an income tax until 1976, and initially the highest tax rate was only 2.5%.

NJ has now joined California as one of the "People's Republics" among U.S. states. But without the beautiful weather.