Repeats Call for Constitutional Amendment to Cap State Spending Increases

Senate Republican Leader Tom Kean said a pair of tax bills advanced by the Senate Budget & Appropriations Committee today will hurt New Jersey families, employers, and tourism efforts.

The first bill, S-2892, would increase taxes on jet fuel by eliminating certain aviation fuel tax exemptions.

“If New Jersey makes it more expensive for airlines to refuel here, every plane ticket from our state will become more expensive,” said Kean. “This will raise the cost of family vacations, hurt Atlantic City’s efforts to draw tourists from farther away, and raise the price of business travel for employers who already struggle to justify staying in New Jersey.”

The second bill, S-2989, makes significant changes to the corporate business tax (CBT).

“The additional tax burdens imposed by this new legislation will have a catastrophic impact on New Jersey’s largest employers,” said Kean. “Many already have one foot out the door following the CBT surcharges imposed by Democrats in July. This will just add fuel to the fire.”

Kean called for fiscal restraint and the passage of a constitutional amendment (SCR-117) to cap state spending increases at two percent annually.

“At some point, New Jersey Democrats must realize that raising taxes isn’t the only solution,” added Kean. “It’s their obsession with spending that’s the problem. We need strict limits that will prevent the Governor and Legislature from spending more than taxpayers can afford.”