Bucco Calls on Murphy, Trenton Democrats to Keep Pre-Election Promises

Bucco Calls on Murphy, Trenton Democrats to Keep Pre-Election Promises

February 26, 2024

Senate Republican Leader Anthony M. Bucco (R-25) issued the following statement calling on Governor Murphy and Trenton Democrats to keep their pre-election promise to not raise taxes on New Jerseyans. Governor Murphy is expected to deliver his budget address for the 2025 fiscal year on Tuesday, February 27.

“Before the election, Governor Murphy and Trenton Democrats promised New Jerseyans that they would not raise taxes. Democrats have since offered their support for several significant tax increases as New Jersey teeters on the edge of a massive fiscal cliff that Republicans foreshadowed for the last two years. Unfortunately, comprehensive Republican reforms were rejected and ignored by this administration and the Democrats.”

Over the last two years, Senate Republicans have offered comprehensive solutions that include:

— Removing $1 billion of unexplained and unjustified annual pork for wasteful projects (i.e., French Arts Museum, a lacrosse club, a dominoes club, artificial turf cricket fields, a private swimming pool in Deal, etc.)

— Investing our existing cash balances to improve investment returns (i.e., buy higher investment return local bonds instead of lower investment return US Treasuries.)

— Better using debt avoidance funds to receive far bigger savings for taxpayers (i.e., instead of retiring short term/low interest debt, just stop issuing more 30 year/high interest bonds.)

— Making the tax code more competitive to create economic activity in the long term (i.e., corporate tax changes, address bracket creep, charitable deductions, etc.)

“New Jersey needs a bipartisan approach to budgeting. Democrats have all but confirmed that their one-party rule is not working. If Trenton Democrats are serious about providing the relief that our families, seniors, and hard-working residents desperately need, Republicans must have a seat at the table. It’s time that we start putting people over politics and do what’s right for the future of the Garden State.”

Governor Murphy and fellow Democrats are aggressively pushing or exploring several new tax increases in the lead up to this year’s budget negotiations. Some of these taxes are highlighted below:

— 3% toll increase for New Jersey commuters, bringing 50% toll increases over three years.

— 15% fare increase for New Jersey Transit riders taking effect in the next few months and 3% automatic increases every year thereafter.

— Regressive employee wage taxes that will take effect next January 1.

— Increasing New Jersey’s sales tax.

— Reinstating the 2.5% Corporate Business Tax Surcharge (CBT).

These new tax and toll increases will build on dozens of previously enacted tax and toll increases from prior years on everything from utilities, health care, ridesharing, income taxes, wage taxes, and parking.

Additionally, these tax increases are on top of automatic annual tax bracket increases that the Murphy admin and fellow Democrats refuse to stop, unlike how the Federal government and many states that don’t keep the stealth tax increase in place.

Lastly, tax collections have increased a staggering $20 billion, or 60%, over the past 6 years and it’s time for democrats to stop – just as they promised during the election.

View the Senate Republican 2023 proposal here.

View the Senate Republican 2024 proposal here

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