Cite Last Week’s IRS Report as Reason Things Must Change
The legislators of the 10th District, Senator Jim Holzapfel, Assemblyman Greg McGuckin, and Assemblyman John Catalano responded to Governor Murphy’s State of the State address saying it lacked any solutions to improve affordability and simply gave residents more reasons to leave the state. In addition, a recent report released by the Internal Revenue Service finds that residents who have moved out of the state during 2017-2018 have cost New Jersey billions of tax dollars.
Holzapfel, McGuckin & Catalano said Gov. Murphy’s State of the State address lacked any solutions to improve affordability and gave residents more reasons to leave New Jersey. (SenateNJ.com)
“Governor Murphy and his administration continue to make it unaffordable for our middle-class families,” stated Senator Holzapfel. “It’s been one hit after another with free college tuition for illegals, financial aid for prisoners and the cost of making New Jersey a sanctuary state. That, combined with gutting our school funding and no relief in sight for lowering property taxes, it’s no secret why residents are moving out of state. Continuing this trend of higher taxes and increase costs of living will only drive more residents out of this state.”
New Jersey recorded an inflow of $8.3 billion in income tax returns in 2017-2018, compared to an outflow of $11.5 billion during the same period, according to the analysis of IRS data by the New Jersey Business & Industry Association.
“The State of the State address is just more of the same rhetoric we’ve heard for years with no solutions to fix our property tax crisis or halt government spending,” said Assemblyman McGuckin. “He’s gutting our school funding, increased the minimum wage, given tax breaks and incentives to illegals and has done nothing to address our state’s debt. We are losing residents every day because New Jersey is no longer a desirable place to run a business or raise a family. The cost of living and quality of life in the Garden State will continue to decrease if New Jersey continues on this path.”
The NJBIA found that more than 40% of the outmigrated adjusted gross income went to “New Jersey’s regional competitors” such as New York, Pennsylvania, Maryland, Massachusetts, Deleware, and Connecticut. The NJBIA states that the outflow of adjusted gross income represents the workforce; and, businesses will have a hard time replacing those who have left the state for other opportunities.
“The Governor’s speech offered no plan to fix growing taxes or labor mandates on small businesses. In addition to the report from the IRS and the Governor’s lack of action, it’s clear that things are only going to get worse,” added Assemblyman Catalano. “The only option left for our hardworking business owners who decide to stay in New Jersey is either to raise prices, cut workers or close shops entirely. We must continue to fight for our middle-class citizens and work towards making New Jersey affordable for all business owners and residents alike.”