Public Should Know If Revenues Other than Tax Amnesty Continue to Plunge
Senate Republican Budget Officer Anthony R. Bucco (R-Morris) today challenged Governor Corzine to provide an update on all revenues in light of recent pronouncements that one-time revenues derived from the tax amnesty program have generated more than expected:
“We now know that thousands of people and businesses fell behind in their tax payments as a tidal wave of tax increases washed over them for the past 8 years. Substantial revenue is coming in from people and businesses responding to threats of punishment unless they pay up. But, we don’t know whether revenue from all the other taxes are continuing to deteriorate as they have since September of last year.”
“Before Corzine and the Democrats rush to increase spending the public’s money, we need to know if collections in income taxes, sales taxes, and corporate taxes continue to plunge, offsetting this gain.”
In recent months income, sales, and corporate business tax collections have been plunging at an accelerated rate. Even though double digit declines in these taxes continue to grow, the budget bill as introduced is premised on the assumption that revenue collections from these taxes will be exactly as predicted in mid May.
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November 22, 2011
