New Jersey Working Families Party Interim Executive Director Antoinette Miles has released the following statement in response to passage of the New Jersey state budget:

This budget includes several important investments for working families, including an expansion of the successful child tax credit, a historic full pension payment, and funding for school aid. The pandemic-era expanded federal child tax credit led to historic reductions in child poverty, especially among Black and Hispanic child poverty rates. We are glad to see this successful program expanded in NJ.

That said, lawmakers went into this budget season focused on affordability. Unfortunately, this budget misses the opportunity to ensure long-term affordability for all New Jerseyans. For months, advocates have urged lawmakers to not dole out billions in costly corporate tax handouts. Unfortunately the budget forfeits $1 billion in revenue with the expiration of the corporate business tax, reopens tax loopholes for highly profitable, multi-billion dollar companies, and rewards Hollywood film and tv behemoths with a tax cut amid a national writer’s strike.

In past budgets, lawmakers worked to prioritize tax fairness. It’s disappointing that lawmakers have detoured to failed trickle-down policies of the past, especially given our state’s history of short-sighted budget gimmicks.

A fiscal cliff looms ahead of us. We urge legislators to pursue fiscal responsibility and use future budgets to maintain our fiscal footing by ensuring corporations pay their fair share to fund investments in critical programs and public services.