NEW JERSEY – As New Jersey races toward the June 30 budget deadline, Assembly Republican Leader John DiMaio is raising alarms about the apparent consideration among the state’s top Democrat leaders to raise taxes and increase spending.
“As we continue to face elevated inflation and an uncertain fiscal environment, now is not the time for haphazard tax increases,” said DiMaio, insisting that the focus should be on cutting unnecessary spending.
For months, Murphy and Democrat senators have quietly considered raising the state sales tax back to 7%. However, negotiations were thrown into further disarray on Tuesday when Coughlin publicly opposed the idea, DiMaio said.
“People need a clear and cohesive plan from Democrats that costs less and prioritizes New Jersey families and businesses,” DiMaio said. “Not one cobbled together through last-minute, disorganized discussions that just raise the cost of living in New Jersey even more.”
Despite a built-in $1.8 billion structural deficit, spending is set to increase by 62% since Murphy became governor under his proposed $55.9 billion budget. Murphy’s plan also leads to dozens of tax and fee increases totaling $2.7 billion, including a corporate transit tax on businesses projected to generate about $1 billion in new revenue, DiMaio said.
