Kean: $3 Billion in Tax Hikes Is Not the Answer to New Jersey’s Problems

Senate Republican Leader Tom Kean rebuked the idea that $3 billion in annual tax increases would solve New Jersey’s fiscal woes.

“Democrats believe that hiking our taxes by $3 billion will fix New Jersey’s problems, but that’s an economic fallacy,” said Kean (R-21). “New Jersey’s property taxes and business taxes are already the highest in the nation, leading nearly half of New Jerseyans to consider moving their families and work out of the Garden State. The Legislature must reject policies like these that have never worked and focus our efforts on making New Jersey more affordable and competitive.”

Liberal interest groups are making an effort to persuade Governor Murphy to raise taxes by $3 billion a year, prior to his scheduled Budget Address on February 25, 2020.

This comes at a time when more residents moved out of New Jersey than any other state, according to a 2018 United Van Lines National Movers Study.

“New Jerseyans are moving out because it’s simply too expensive to live, raise a family, and retire here,” added Kean. “This is separating grandparents from grandkids, forcing extended families to use Skype and FaceTime as their primary form of communication. We need to take a step back and evaluate our state spending so we can cut taxes for New Jersey families, not raise them.”