Letter: Buono Welcomes Governor’s Abandonment of Ill-Conceived Income Tax Cut
I am relieved that the Governor today abandoned his misguided income tax cut plan – a plan that disproportionately benefitted the wealthy – in favor of the Senate plan that targets much needed property tax relief to New Jersey’s middle and working class families.
I remain concerned about how we will pay for this tax cut, given the projected budget shortfall. The revenue situation has gone from bad to worse. Revenue collections are lower than they were five years ago. Standard & Poor, one of the nation’s major rating agencies, questioned the Governor’s unrealistic revenue projections. New Jersey continues to lag behind the nation in economic recovery by almost any measure. It is clear that we need to pass a modest surcharge on those making over $1 million to pay for vital property tax relief. To that end, I will introduce legislation instituting a millionaire’s tax and dedicating the revenue generated to fund the Senate property tax relief plan.
Now that the Governor has acquiesced and supports the Senate property tax relief plan, it is time for him to get his act together and get serious about job creation.