Senate Republican Budget Officer Anthony Bucco (R- Morris) delivered the following remarks to the Senate Budget Committee’s hearing on revenue forecasts for the FY 2013 fiscal year.
Thank you, Mr. Chairman.
To me, this year’s budget marks a choice for the members of this committee:
Continue to do what has been working for New Jersey- what has helped us create 70, 000 private sector jobs- or go back to the type of fiscal recklessness that taxpayers have made it clear they no longer will tolerate.
It’s actually amazing to me how far we’ve come, not by any magic or sleight of hand, but simply by restoring discipline and honesty to the budget and yes, making tough choices when necessary.
We’ll hear about revenue estimates today, and my understanding is that there will be some distance between OLS and the Treasurer. But I would make two points:
First, that in the context of a $30 billion budget, the gap is quite small.
And secondly, perhaps more importantly, our Treasurer has been astonishingly accurate over the course of the last two years.
That is likely why the Senate President has based his tax plan off of the Treasurer’s revenue estimates.
And I’m extremely pleased that for the first time in a decade, we’re talking about broad based tax relief for the people of New Jersey.
With 80%, according to NJBIA, of job creators in our state paying income taxes rather than business taxes, broad based income tax relief is an investment in our state’s economy and the 9% of people who are looking for work.
It shows businesses that New Jersey will no longer grab for their money to pay for spending we cannot afford. It is safe to create jobs here because we’ve restored sanity to state finances.
So Mr. Chairman, we look forward to these hearings and the testimony today.
Thank you.
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