Garden State Times

Senator Parker Space, Assemblywoman Dawn Fantasia, and Assemblyman Michael Inganamort have voiced concerns over the $56 billion state budget proposal presented by Governor Phil Murphy. The lawmakers argue that the plan would place New Jersey on an unsustainable financial path and exacerbate the state's affordability crisis.

“If there’s one thing you can count on in June, it’s Trenton Democrats talking about raising taxes and fees to support a bloated State budget that will saddle already struggling families and businesses with higher costs,” said Space (R-24). “New Jersey is standing at a crossroads - do we continue our wild spending patterns of the past or do we live within our means? The only way to make New Jersey a place where all residents can afford to live and where small businesses can thrive is to stop spending money we don’t have, exercise fiscal responsibility, and pass a budget that is truly responsive to taxpayers."

The proposed tax increases include:

- A 3% toll increase for New Jersey commuters, effective March 1, contributing to a 50% toll increase over three years.

- A 15% fare increase for New Jersey Transit riders in the upcoming months with automatic 3% annual increases thereafter.

- Regressive employee wage taxes starting January 1.

- A new 'Corporate Transit Fee' on businesses likely passed onto consumers.

- Raising the sales tax back to 7%.

- A $10 million tax on truck traffic impacting small business owners and consumers.

- Increased fees on gun permits for lawful firearm owners.

- A new utility tax on water, gas, and electric users.

- Tax hikes on HMO consumers.

These measures add to previous years' increases affecting utilities, healthcare, ridesharing, income taxes, wage taxes, and parking.

"New Jersey taxpayers cannot withstand the Democrats’ insatiable appetite for spending. From uncapping property tax increases to proposing to hike a regressive tax like the state sales tax, it’s clear that Democrats don’t care about affordability,” said Fantasia (R-24). “Republicans want Democrats to reprioritize and rein in this reckless tax-and-spend culture they continue to force on all of us.”

In response to state aid cuts in Murphy’s budget, legislation was passed removing the 2% cap on property taxes for certain school districts facing significant funding losses. This legislation was signed by Murphy on May 14.

“The cost of doing business, living, retiring, commuting and nearly everything is much too high in New Jersey and Democrats are only making it worse. Legislative leaders need to start considering the day-to-day impact of their calls for tax increases and instead focus on crafting a balanced budget that delivers relief to burdened residents,” said Inganamort (R-24). “Putting a stop to spending over what New Jersey brings in is a good first step but Democrats can’t even manage that.”

Murphy’s proposed budget indicates expenditure exceeding revenue by $4 billion annually—a substantial structural imbalance.