Senator Jennifer Beck (R-Monmouth) stated the following after she and her Senate Republican colleagues voted against the Democrats’ constitutional amendment, SCR-184, which would lock in billions of extra tax dollars to fund public pensions on a quarterly basis before the state collects the money to even attempt those payments:
“The plain-English translation of this misleading constitutional amendment, SCR-184, and associated ballot question is: massive tax hike, with borrowing.
“SCR-184 will spend all, if not the vast majority, of future state revenues on pensions, crippling the state’s ability to fund critical public services, such as public safety, education, transportation, health care and natural disaster recovery. This poorly constructed public policy does a huge disservice to New Jerseyans, including public pensioners, and it will force tax hikes.
— Sen. Jennifer Beck (@jenbecknj) January 11, 2016
“During the last decade of total Democrat control in Trenton that brought about 115 tax and fee increases, we have heard from all of our constituents that they can’t afford a greater tax burden. Since 2004, our state has lost a net total of $19 billion in taxable income from families and employers fleeing to more affordable states. That means New Jersey has lost billions of dollars in annual revenues, which could have been used toward public pensions and other responsibilities.
“Again, a plan to make full payments into our state’s pension system is a goal that every legislator is looking to achieve, but before implementation we must specify how we will do so while meeting other obligations.”