Senator Thomas H. Kean, Jr. (R-21) issued the following statement regarding a published report quoting a Wall Street analyst that New Jersey drivers face a 150 percent toll increase, from $960 to $2,400 per year, under Governor Corzine’s “monetization” scheme:
“A 150 percent toll hike – an increase of $1,440 per year – would be a huge tax increase on Turnpike commuters. The Governor’s plan would increase a $6 toll to $15 and would have dire consequences for New Jersey drivers and our state’s quality of life.
“New Jersey residents are already struggling to keep pace with our state’s high cost of living and can’t afford to pay $1,400 a year in a new commuter tax. Many drivers, particularly truckers, will avoid paying the higher tolls and take local roads which will increase congestion and possibly compromise safety.
“Worse still, these huge toll increases will do nothing to cure the state’s real long-term financial problems. The root of New Jersey’s budget woes is too much spending, not a lack of revenue. State spending is up 50 percent the last five years and state spending continues to exceed state revenues by billions of dollars a year. The Governor’s plan would likely aggravate the problem by sparking another spending spree.
“Today’s report makes it clear the Governor’s proposal would put New Jersey, the state and its drivers on the road to bankruptcy.”
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