Just what the most overtaxed state in the country needs. More taxes during an economic downturn.
Today’s fiscal 2021 budget announcement by Gov. Murphy and state legislative leaders clearly shows that again politics wins out over sound fiscal planning and management in Trenton.
This could not have been made any clearer than with the the governor’s proposed millionaires tax. Instead of using a proposed tax to fill a revenue gap, the governor announced that the tax would fund a maximum $500 per family tax rebate which essentially spends this new revenue and does nothing to alleviate the revenue gap in the budget.
It should be noted that the rebate for middle-class families will be more than negated by the added costs these families will face as New Jersey’s economy continues to limp along with no sound fiscal recovery plan, more taxes on businesses and job creators, no meaningful incentive programs for economic expansion and job growth, and a borrowing plan that will add even more cost burdens on taxpayers as interest payments come due.
Gov. Murphy and Lt. Gov. Oliver both said this morning that they want to help middle and working class families who are struggling.
What about New Jersey’s business owners and entrepreneurs who are struggling? Sooner or later this administration needs to realize that the business community is not a bottomless ATM machine. Our businesses are struggling to keep their doors open and their employees on payroll. They need help too.
The governor again emphasized that the budget reflects his concept of a stronger and fairer New Jersey. We understand he sees the tax rebate as part of the fairer New Jersey but where is his plan for the stronger New Jersey?
Here is a suggestion: Accelerate the reopening of the economy which will create more jobs – that’s the best relief for our middle class and working families.