GSI Analysis: April NJ Revenue Report – “Balance Spending with Tax Reductions for New Jersey Taxpayers”

• Record revenue collections should not present an opportunity to look for more tax increases, but rather an opportunity to get our state back on the road to prosperity

MORRISTOWN, NJ – Garden State Initiative (GSI) president Regina M. Egea issued the following statement in response to the April revenue collections and revised revenue projections released today by the Department of the Treasury:

“Driven by significant tax cuts at the federal level in 2017, the federal government has been reporting a booming national economy and job market that has left New Jersey behind. New Jersey’s tax and spend policies have stifled our economy and grown our government. Governor Murphy and the legislature need to recognize and appreciate the commitment of our beleaguered taxpayers…both individuals and corporate.

Rather than holding taxpayers hostage and only offering “a new, stand-alone, one-year program……through a refundable tax credit”, let’s provide real tax structural reductions.  They could begin by accelerating the sunset of last year’s corporate business tax surcharge so we don’t stand alone at 11.5% in 2020.  Or consider not having a top individual rate that is double Massachusetts and more than triple Pennsylvania. NJ has an opportunity to get on the more competitive track by limiting government spending and investing in what grows our economy not grows our government burden even further.

Record revenue collections should not present an opportunity to look for more tax increases, but rather an opportunity to get our state back on the road to prosperity.”

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