Bucco: NJ Needs Tax Relief, Not Billions in New Spending

Senator Anthony M. Bucco said calls from a progressive coalition for $3 billion of higher taxes and new spending is the exact opposite of what New Jersey should do to improve affordability for families.

“Despite what these left-wing groups are saying, New Jersey’s problem isn’t that we tax and spend too little, it’s that we tax and spend too much,” said Bucco (R-25). “How many times have we been promised that another billion or two in taxes is the answer to all of our state’s problems? It’s never worked. We’re now stuck with the highest taxes in the country and a crisis of affordability that’s driving families and retirees from New Jersey in droves.”

The progressive groups are calling for increases in income taxes on households earning more than $250,000 annually, raising the sales tax back to 7%, and reinstating the estate tax on estates worth more than $1 million.

“They’re not proposing to tax wealthy individuals, they’re looking to hit the wallets of families with two working parents and to punish seniors who managed to pay off their house and save a little for retirement,” said Bucco. “New Jersey already has the highest outward mitigation due to our insane tax policies. This would just add fuel to the fire.”

Bucco noted that Governor Murphy has already raised billions in taxes on employers, workers, gas and electric bills, and ridesharing services.

Further, he highlighted that State revenue collections are projected to grow by more than 5% over the prior fiscal year with existing taxes.

“If we already have tax revenues growing by $1.5 billion this year without any additional tax increases, why do we need to raise the burden on New Jerseyans even higher?” asked Bucco. “Instead of spending every penny and more that we collect on new progressive programs as some have proposed, we should return it as tax relief to New Jersey families that already pay too much.”