From the Record:
Gov. Phil Murphy and Democrats in the state legislature are lauding themselves for providing relief and improving New Jersey’s economy with their recently passed state budget. Neither of those things are true. Let me explain.
If you are expecting tax relief soon, there isn’t any.
Checks labeled for property tax relief won’t be sent until May 2023. The only reason some of you might get one — it’s meant only for a select few — is that you paid more in taxes than ever before. That’s right. To fuel the Democrats’ massive $50.6 billion spending plan this year residents are taxed more than ever.
Real tax relief should be immediate and permanent, the result of cutting income tax rates and other taxes, or actually lowering property taxes instead of taking money from one pocket and putting less back in the other. That’s what their ANCHOR rebate program really does. It takes too much of your money then gives you back less than you paid. Murphy calls that tax relief. It isn’t.
Murphy, Assembly Speaker Craig Coughlin and Senate President Nick Scutari recently spoke about how positive this budget will be for the economy, and how New Jersey’s economic growth is outpacing the nation. They made those claims on the same day that the federal Bureau of Economic Analysis released the first quarter GDP for states this year.
The results: New Jersey’s economy shrunk by 2.2%, while the overall U.S. economy contracted 1.6%.
In fact, New Jersey is faring worse than every other state on the East Coast. If it were not for West Virginia and Kentucky, New Jersey would have the worst economy in all the eastern United States. All of the high taxes are creating as bad an economic environment as the heart of Appalachia, despite having the best location in the country for a vibrant economy.