Pennacchio: Administration’s Failed COVID Response Had Led the Way to a Property Tax Increase

Says The State’s Problem Is Not That We Are Not Taxed Enough, But That We Spend Too Damn Much

Senator Joe Pennacchio criticized the passage of A-4175 in the General Assembly. This legislation would allow up to $14 billion in new borrowing to cover operating expenses.

“The governor has yet to clearly define what our budgetary expenditures will be for the next thirteen months, yet proceeds to encourage legislative democrats to increase borrowing by $14 billion,” said Pennacchio (R-26). “The bill relies on hefty sales tax increases to cover the costs. If those costs are not covered, every homeowner in the state of New Jersey will be charged an additional surcharge on their already suffocating property taxes. It makes no sense to ask for the money first and then have the governor explain how he will spend it later.”

The closure of businesses throughout New Jersey has led to a decrease in state revenues. Pennacchio points to the closure of car dealerships which supply a huge amount of sales revenue to the state. He believes those dealerships, as well as many other businesses, could have easily complied with social distancing guidelines and infection protocols and have stayed open.

A critic of the administration’s handling of the pandemic, Pennacchio has previously cited how New Jersey, although seemingly paralyzed during the last three months, has still managed to increase tolls on roads by up to 36% and now will begin piling on the already overburdened property tax owners in this state.

“It seems that government and businesses came to a standstill, except when it came to raising tolls and taxes,” added Pennacchio. “The people of New Jersey deserve better.”