Senate Republican Leader Steven Oroho said the amount of tax relief in Governor Murphy’s proposed budget is underwhelming compared to what Senate Republicans have proposed.

Senate Republican Leader Steven Oroho said the amount of tax relief in Gov. Murphy’s proposed budget is underwhelming compared to what Senate Republicans have proposed. (Pixabay)

“New Jerseyans who are feeling the impact of soaring inflation in their family budgets need tax relief now,” said Oroho (R-24). “Governor Murphy’s plan to make people wait until 2023 for rebates is too little, too late. Our Give It Back plan would provide real tax relief now to help New Jersey families pay their bills today.”

The Senate Republican Give It Back tax credit plan would return $3 billion to approximately 4 million taxpayers. Families would get refundable credits of $1,000 when they file their 2021 tax returns this spring.

In contrast, Governor Murphy is proposing just $550 million in new tax relief for 1.8 million people through his ANCHOR rebate plan in the next budget.

While the governor is touting a higher number that would phase in over several years, anything beyond what he’s proposed in the current year wouldn’t be guaranteed in future budgets.

“The State collected $4.6 billion in taxes that it doesn’t need, we should Give It Back now,” added Oroho. “Our plan would provide five times as much tax relief to twice as many New Jerseyans as Governor Murphy’s proposal, and we would do so immediately. Since we have the money in the bank already, there’s no reason to make people wait another year for tax relief as Governor Murphy has proposed.”