Democratic Senate President Stephen Sweeney says New Jersey can’t afford a 10 percent income-tax cut being planned by Governor Chris Christie in 2014.
That’s a shocking statement on more than one level when you think about it.
Property taxes were jacked up 70 percent in the 10 years prior to Christie becoming governor, including 154 tax increases and a 1% hike in the sales tax. Where has all that additional revenue gone that was supposed to bring tax relief? After all, those increases were supposed to lift us out of the abyss, but when Chris Christie came into office on Jan. 19, 2010, the state still had a $2.2 billion shortfall.
Between 1995 and 2004, New Jersey brought in more than it spent. With Trenton taking in more than it spends, why does it consistently attack taxpayers’ wallets for more? Spending in New Jersey increased 21 percent 2000 to 2002. How much more is enough?
Since then, residents of New Jersey have shelled out more in taxes than almost any other state in the U.S. From 2002 to 2005, taxpayers and businesses have been forced to foot the bill for $3.07 billion in new levies, and the state ranked first in tax increases during the year 2003 when Governor James McGreevey and the Legislature managed to enact over $1.3 billion in tax hikes.
It’s never enough. Governor Jon Corzine proposed a 9.2 percent budget increase, along with $1.8 billion in additional revenue. Corzine’s raising of the sales tax by 1% amounted to a 16 percent sales tax increase, projected to bring in $1.1 billion in new revenue annually and bringing the new 7 percent rate as the second highest state-level sales tax in the U.S.
The Corzine’s fiscal 2007 Sales Tax budget was $8.4 billion for revenues, an increase of $1.7 billion, which included $1.1 billion for raising the rate to 7%, bringing in an additional $248 million for expanding the Sales Tax base.
After billions of dollars in higher taxes and increased debt, we are no better off now — and probably even worse off — than we were in 2005 due to increased spending and not enough cuts.
Let’s not let them lead us like sheep for a moment longer. When Democrats say we must “share” sacrifices, Save Jerseyans, ask yourselves “for whom?”
Taxpayer’s pockets are worn from reaching for what little change they have left to continually come to the states rescue. Why, after years of higher taxes, are the state bank accounts still mired in deficits after draining its residents for billions in additional taxes?
Is it tax cuts that we can’t afford, President Sweeney? Or more incompetence from our elected leaders?
Merry Christmas and Bah Humbug!