Assembly Republican Leader Jon Bramnick is calling on Gov. Phil Murphy to look at where New Jersey stands in tax rankings, business climate and debt. The state is consistently among, if not the, nation’s worst in all three areas.
“The income tax, sales tax, corporation business tax, utility taxes, health care taxes, taxes on services and so on. It is too much for the people we represent to afford,” said Bramnick. “Murphy needs to wake up and recognize the reality that our state is the worst in the nation for affordability.”
New Jersey is also ranked in the worst fiscal condition in the nation by Truth in Accounting. The state has a $208.8 billion financial hole that can only be covered if each taxpayer pays the government $65,100. The American Legislative Exchange Council, Mercatus Center and other organizations have also said New Jersey is in dire fiscal condition.
“Debt is our biggest problem and taxpayers are the primary source of revenue,” continued Bramnick. “They can’t afford to pay the debt, let alone Murphy’s wish-list of priorities. We need to cut taxes to be more competitive and direct the revenue we have to bills we already owe instead of new ideas.
“Or the next recession will be worse for New Jersey than the last.”