Spending Plan Does Nothing to Replenish Transportation Trust
Senator Jennifer Beck (R-12) said passage of New Jersey’s fiscal year 2009 budget sets the stage for Democratic proposals to raise taxes, fees or tolls to replenish the New Jersey Transportation Trust Fund.
“Everyone knows we have to have find money for roads, rails, bridges and tunnels,” Beck stated. “We lost an opportunity today to pay for those vital economic development projects without raising the taxes, tolls or fees.”
Senator Beck has introduced a constitutional amendment that dedicates $500 million in current revenue annually to finance transportation projects in New Jersey. The Transportation Trust Fund now collects roughly $1.6 billion from the gasoline tax, diesel fuel tax and the petroleum gross receipts tax each year. Very soon, all of that money will be dedicated to paying the debt service on outstanding bonds, leaving nothing for new projects. Republicans have put forward a plan for replenishing the trust fund with existing revenue.
“This plan would fully fund the Transportation Trust Fund through 2014,” continued Beck. “It provides the funding resources for all Tier 1 and Tier 2 projects that have been identified by the New Jersey Department of Transportation as well as funding the new tunnel planned to go into New York. We could have done all of this with no new taxes or tolls, simply by enacting the realistic, common sense budget that Republicans proposed weeks ago.”
Republicans put forth a “Common Sense Plan for an Affordable New Jersey” that identified $1.32 billion that could be used for transportation, property tax relief and charity care. Governor Corzine and Democratic Leaders summarily rejected the proposal.
“We simply can’t afford to raise the gas tax, which would boost already exorbitant gas prices, and we simply can’t afford to increase tolls,” Beck concluded. “Both of these proposals have been proposed by Democrats, and they are certain to push for them in the future.”
Link to Post:
http://www.senatenj.com/index.php/beck/beck-get-ready-for-democrats-post-budget-tax-increases/576
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August 15, 2008
