Governor Murphy rolled out a record-busting $48.9 billion FY 2023 budget proposal on Tuesday, one which includes money for illegal alien healthcare and “property tax relief” for 600,000 renters who don’t pay property taxes.
Murphy signed a $46.4 billion for FY 2022. His proposal represents a $2.5 billion pump. We’re now up to $10+ billion in spending increases since Murphy took office.
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“The Governor’s budget proposes an astonishing $2.5 billion increase in spending for Fiscal Year ‘23. This is on top of a combined $8 billion in previous years for a grand total of over $48 billion since he took office,” said Assemblyman Gerald Scharfenberger (R-13). “The huge increase in spending coupled with borrowed money spells impending doom for future budgets and generations of New Jersey residents. When one time revenue sources evaporate, they will leave gaping holes that can only be filled enormous tax increases. Taxpayers simply cannot bear the burden of such unsustainable spending.”
Republicans believe the Governor’s latest budget is all the more objectionable given the context of the times.
“Out of control government spending is devastating taxpayers – especially on the heels of runaway inflation, soaring gas prices, stock market volatility, supply chain instability and rising tensions around the world.,” Scharfenberger added. “If anything, the governor should freeze spending and institute a five percent reduction in the budget of every state department until he finds an actual plan to provide affordability to New Jersey’s struggling families, small businesses and seniors.”
Murphy’s other spending includes a $6.82 billion pension contribution ($420 million more than the last fiscal year) and a $662 million bump to school aid.
Republicans are touting a “Give It Back” counterproposal which they say would return $3 billion to four million taxpayers by way of refundable $1,000 credits recouped during the tax year 2021 process.
“The State collected $4.6 billion in taxes that it doesn’t need, we should Give It Back now,” said Senate Minority Leader Steven Oroho. “Our plan would provide five times as much tax relief to twice as many New Jerseyans as Governor Murphy’s proposal, and we would do so immediately. Since we have the money in the bank already, there’s no reason to make people wait another year for tax relief as Governor Murphy has proposed.”
The legislature has until the end of June to hammer out a budget deal with the governor and avoid a government shutdown.
