Bergen County’s economy leads the state
Bergen County has New Jersey’s largest county economy, generating $82.4 billion in gross domestic product, or GDP, accounting for about 12.5% of the state’s total economic output, said a social media post by county officials.
The GDP is 22% higher than that of any other county in New Jersey, the post said, highlighting Bergen’s position as a leading economic center in the state.
For Bergen County, that includes activity from hospitals, shopping centers, corporate offices, manufacturers, restaurants and professional services.
According to the county’s figures, Bergen accounts for about one-eighth of New Jersey’s total economic output. That means for every $100 of economic value produced across New Jersey, about $12.50 comes from Bergen County.
Bergen county has an estimated 977,026 residents in 2025, and more than half of the residents age 25 and older at least a bachelor’s degree. The median household income is $124,884 .
NYC’s Pied-à-Terre Tax Is Legal, Court Rules
A state appellate court ruled Wednesday that the rollout of Zohran Mamdani’s new pied-à-terre tax was legal and can move forward, putting one of the New York City mayor’s signature policies on firmer footing, which targets second homes valued at $5 million or more.
The decision reverses a lower court’s ruling that said the surcharge unlawfully put the burden on homeowners to prove their residency status when city officials should have verified that information themselves.
Owners of high-value second homes were already paying standard New York City property taxes. The new legislation specifically targets owners of luxury second homes (defined by certain value thresholds) who do not use the property as their primary residence, aiming to capture revenue from those who benefit from city services without paying local income tax.
Your House vs. Stocks: Which Investment Has Performed Best?
IS IT BETTER to put more money down to buy a bigger house or invest in the stock market? And we found that even in the best-performing state and local markets over the past 40 years, it would have been better on a post tax basis to allocate any extra dollars into the stock market and just sit on it instead of buying a larger home.
We considered a hypothetical home buyer in 1985 who was planning to purchase a $100,000 house but had some extra money to spend and was debating whether to buy a more expensive home or put it in the S&P 500.
The top five metropolitan areas over the past 40 years in terms of a post tax and post liquidation average annual return have been Seattle (6.22%), San Diego (6.05%), Los Angeles (5.98%), Miami (5.91%) and San Francisco (5.80%). Yet all of these areas have still underperformed the S&P, according to our parameters, with an average annual return of 7.57%.
Some Investors See Opportunity in Home Builders
Amid a whiff of postelection optimism about the housing market, someinvestors are looking to the battered shares of home builders in a volatile stockmarket.
After Tuesday’s election ushered in Democratic control of Congress, shares of D.R. Horton, PulteGroup and Lennar jumped 8.1%, 7.2% and 7.1%,respectively, on Wednesday. All three held roughly flat Thursday, while the S&P 500 fell 4.4%. On Friday, they gave up some of the recent gains: D.R. Horton fell 3.4%, while PulteGroup was down 2% and Lennar dropped 3.1%.
Democratic candidates who won last week have promised to slow data center construction, while municipalities in a variety of states approved measures to restrict new development. A slowdown in artificial-intelligence spending could ease inflationary pressures on the economy, helping bring down mortgage rates.
Trump Probes and Policy Fights: Here Is Democrats’ New Agenda
Trump and Musk: Democrats expect to use their new majority to conduct oversight, and they will have subpoena power when they enter the majority. The frustrated letters they have sent to the administration over the past two years will turn into demands and hearings. They are likely to investigate Trump’s cryptocurrency dealings, his family’s business ties, his construction projects in Washington, D.C., his acceptance of a Qatari jet, the tax immunity deal he struck with his own administration and many other subjects that Republicans haven’t examined.
Elon Musk, the Trump-allied billionaire, is also likely to get scrutiny, particularly for his involvement in slower Starlink speeds that impaired Ukrainian war activity.
Trump Probes and Policy Fights: Here Is Democrats’ New Agenda
AI regulation: Democrats also are likely to focus on artificial intelligence by bringing in top executives to testify about their close relationships with the White House. AI regulation has become a priority for many lawmakers after a wave of hacks by recent models and warnings from industry researchers that the rapidly evolving technology could be capable of destroying humanity within the next decade.
War and tariffs: The Iran war and the tariff expansion— helped push prices up and propel Democrats to victory. But stopping the war or reversing the tariffs will be difficult because of Trump’s national- security powers, his ability to veto legislation and his support among Republicans.
Blocking nominees
Must-pass bills
Income-Tax Brackets for 2027 Bump Up 3.2% for
The income brackets that determine how much Americans pay in taxes each year will adjust higher by about 3.2% for tax year 2027, the Internal Revenue Service said Thursday.
That means it will take more income to reach each higher tax bracket next year. The annual adjustments, which are required by law, are based on formulas tied to inflation. The adjustments take effect for returns that will be filed starting in early 2028, and the changes ensure that many features of the tax system roughly keep up with inflation.
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