Senate Republican Leader Anthony M. Bucco and Senate Republican Budget Officer Declan O’Scanlon slammed Governor Murphy for avoiding real issues like the affordability crisis in New Jersey after a new report ranked New Jersey as the worst state on the 2024 State Business Tax Climate Index.
Governor Murphy’s failed progressive priorities have hampered New Jerseyans with some of the highest tax burdens in the country. It is indefensible that Governor Murphy and Trenton Democrats continue to avoid the real issues while everyday New Jerseyans suffer under the crushing weight of the cost-of-living increases created by those very progressive policies they support,” said Bucco (R-25). “Democrats in Trenton have moved in lockstep with Governor Murphy to approve his extreme progressive wish list while squandering billions of dollars that could have been used to lowered taxes. Now, only when it is politically convenient will Democrats beg Governor Murphy to stop toll tax increases after rejecting Republican budget proposals that would have stopped this.”
The 2024 State Business Tax Climate Index, prepared by the Tax Foundation, reported that New Jersey has one of the highest property tax burdens, the highest-rate corporate income taxes, and one of the highest-rate individual income taxes in the country. New Jersey also levies a progressive inheritance tax.
The New Jersey Turnpike Authority unanimously approved a 3% toll increase that will start January 1, 2024. This would be the fourth time since 2020 that tolls have been increased in New Jersey. Turnpike commuters will now be paying close to 50% more in tolls starting in 2024 than when Murphy first took office.
“If Republicans had been in charge, none of the toll increases that are draining more than $1 billion from road users every year would have happened. Our Republican budget proposal had enough budget revenue to allow for proper road improvements without piling on unnecessary taxes like this onto drivers,” said O’Scanlon (R-13). “Instead, Trenton Democrats enabled the Murphy administration to recklessly spend money on pet projects like a French Arts Museum in Jersey City, a private swimming pool in Deal, a Dominoes Club, and artificial turf cricket fields. While Governor Murphy avoids the real issues that impact New Jerseyans every single day, Republicans stand ready to address the affordability crisis in New Jersey.