Senator Declan O’Scanlon (R-Monmouth) a member of the Senate Budget and Appropriations Committee, released the following statement on today’s announcement by Governor Murphy:
Sen. Declan O’Scanlon, a member of the Budget Committee, said Gov. Murphy’s millionaire’s tax is bad policy – calling it a relentless, rabid desire to appease the progressive base that will end up hurting everyone, including the people he is trying to help. (SenateNJ.com)
“Governor Murphy’s relentless, rabid desire to appease his progressive base will end up hurting everyone, including the people he is trying to help,” Senator O’Scanlon said.
“The top 1.4 percent of earners in New Jersey generate 41 percent of our total income tax revenue. Virtually all of those taxpayers can change their taxable residence – they don’t need to physically move. These people are also our job creators, capital investors, and charitable donors. When they take their income and investments out of state, who will be left to tax? What will happen to our economy?
“In the end, everyone, regardless of their means, will suffer because Governor Murphy would rather shut down the government than take his head out of the sand and acknowledge the dire need for real fiscal reform.
“We know what we need to do, and now we have the will to do it in the Legislature. The only thing standing in the way is a lack of executive leadership.
“Increasing taxes on anyone in New Jersey, including millionaires, is just bad policy. It’s also completely unnecessary. If the governor would work with us to advocate for Path to Progress solutions, such as pension and health benefit reform, we wouldn’t need any new taxes at all. Platinum-to-gold alone could save hundreds of millions of dollars a year – and even more over time.
“I am glad to hear Governor Murphy acknowledge the property tax crisis, but we can lower property taxes without asking families to pay more. It is time for the Governor to stop leaving voicemails and get in the room, so we can hammer out a compromise and finally get real fiscal reforms signed into law.”