By Matt Rooney | The Save Jersey Blog
You may have missed it this week while the country’s political focus remained squarely across the Delaware River in Philadelphia, Save Jerseyans.
We got Office of Legislative Services (OLS) feedback on the Oroho-Sarlo TTF Plan that initiated all of this gas tax craziness in Trenton.
It comes to us immediately after Chris Christie told Senate President Steve Sweeney (who backed the Oroho-Sarlo plan) and Assembly Speaker Vincent Prieto (who wanted a sales tax “offset” favored by Christie) that their RNC week compromise is DOA.
I’ll translate for you:
- This plan would produce MASSIVE annual net tax increases even if the promised phased-in tax cuts ever materialized (don’t count on it).
- Total net tax increase? Between $3.7B and $4.5B.
- If/When tax reductions prove fictional (Prieto already admitted his Assembly offsets are temporary)? The tax increases forecast gets worse.
- Borrowing! It never ends; this plan relies on $1.5B annually in bonding.
The only way out of this mess is fiscal responsibility, folks.
These TTF “plans” circulating in the halls of power are snake oil delivered in differently-branded bottles. Little more, a lot less. You now have the proof!