TRENTON, N.J. – Governor Phil Murphy’s FY 2022 budget is being billed as a tax neutral plan, but Garden State Initiative President Regina M. Egea says it’s smoke and mirrors.
The budget is heavily dependent on money which was borrowed but never used despite dire Murphy Administration predictions which were peddled at the time to justify the borrowing.
“Incorporating billions in borrowing and federally funded one-time infusions of cash as the basis for a budget bodes poorly for all New Jerseyans in the very near future,” said Egea who previously served as Chris Christie’s chief of staff between 2013 and 2016. “As has been reported elsewhere that the state is suddenly flush with cash, New Jersey residents should ask themselves: “When was the last time you remember taxes actually going down?”
“Unless there’s more borrowing or further federal bailouts, get ready New Jersey, you just got stuck with the bill,” Egea added. “Make no mistake, your taxes just went up.”
Murphy’s massive budget is $44.8 billion and includes a $4.5 billion spending increasing over the current fiscal year.
The spending plan includes a large pension payment but no substantive property tax relief.
“Budgets are about priorities, and any state budget not making property tax relief a top priority is just out of touch with the burdens and needs of New Jersey’s residents,” said Assemblyman Jay Webber (R-Morris) in his own post-budget message statement. “The cold cruel fact is that as New Jersey enters the fourth year of Governor Murphy’s reign, average property taxes have soared past the $9,100 mark. The net increase in property taxes is even higher since the governor slashed homestead property tax relief for seniors, disabled, and middle-income families. Four years into his governorship, Phil Murphy should at long last start putting property taxpayers first.”