Market Insider

  The Uneven Price of Prosperity: Cheap Chinese Imports and the Fracturing of the American Economy International Relations — Question 2 For much of the twentieth century, factories and textile mills helped many American towns grow strong, especially in places like the Carolina Piedmont, where the textile industry fostered economic growth and resilience. Over time, expanding trade with China and the rise of cheap Chinese manufacturing changed communities across the US in ways that are still being sorted out. It would be too simple to classify this transformation as completely harmful or completely helpful. Cheap foreign imports lowered prices, widened consumer choice, and reduced costs for some businesses. But they also accelerated the decline of domestic manufacturing and placed the heaviest burdens on communities with the fewest resources to respond — putting people out of work and leaving entire regions to stagnate. Cheap imports from China represented an uneven economic paradigm...

With Netflix's influx into Monmouth County, it is not only influencing real estate development, consumer spending, and labor markets but also causing fundamental shifts in tax policy and government action. It is important, though, to provide context on the existing tax system for the local, state, and federal governments. Starting with Monmouth County's local tax system, its tax environment is known to be extremely expensive, with a 1.64% property tax rate and a $9,498 tax bill (Ownwell, "Monmouth County, New Jersey Property Taxes"). This is an astounding price, and, taking into account the prospective scale of Netflix's facilities in Monmouth County, the property tax revenue alone will be enormous. Another part of the Monmouth County tax system, which was greatly impacted by state policy, is the Assessment Demonstration Program (ADP). This was a statewide law, first implemented in Monmouth County in 2013, that subjects properties to annual reassessment of value, ...