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| Re: ''It always stinks in Elizabeth! What is that smell?'' (Friday's Trip & Pics) (493996) | |||
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Re: ''It always stinks in Elizabeth! What is that smell?'' (Friday's Trip & Pics) |
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Posted by Bill West on Sun Sep 23 01:58:03 2007, in response to Re: ''It always stinks in Elizabeth! What is that smell?'' (Friday's Trip & Pics), posted by Olog-hai on Sat Sep 22 21:21:09 2007. Don’t know if you’re on top of this one too or not but CNJ’s dual names were an unsuccessful attempt to get out from under some incredibly abusive taxes. Both states wanted full corporate income tax on the earnings obtained in the other state. Sort of like if you lived in NJ, worked in PA and each state took 30% of your paycheque. NJ was also the state that assessed RR property at 200% of market value for calculating property tax while industrial and residential property was only the fair value.Another possible factor in the Aldene plan was that a cruise ship fire in the Caribbean had capped a severe Coast Guard clamp down on wooden ships, so CNJ’s ferries had to go and there was no way the railroad could afford to replace them. NYC had craftily used the ICC to get out of the West Shore service while PRR and E-L had long ago turned to tunnel service on their routes. Only the CNJ needed a solution and PRR’s track was the closest answer. Bill |
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