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O’Scanlon Statement on June Revenue Numbers
Assembly Republican Budget Officer Declan O’Scanlon, R-Monmouth, issued the following statement regarding the latest revenue numbers issued by the Treasury Dept. showing that June revenues were 6.3 percent higher than in June 2012 and set a new monthly record for income tax collections.
The State’s year-to-date fiscal year 2013 revenue collections through June totaled $25.6 billion, which is 6.6 percent more than revenues in fiscal year 2012, and $143 million ahead of revised projections. Similar to June’s revenues, gross income tax (+12.4 percent) and sales tax collections (+3.7 percent) accounted for most of the increase.
“The latest revenue update reflects our state’s improved job creation numbers, particularly in the private sector, and the confidence which people have in New Jersey’s economy. Income tax and sales tax collections are correlated to the sustained job creation we have seen and the increased confidence by consumers. People who have a steady job contribute to our economic growth and send a positive message to businesses throughout the state.
“New Jersey was in a very dark place in many categories when Governor Christie took over. Today's stellar economic numbers bear out the wisdom of the conservative fiscal policies we've implemented under this administration. Our state is not only weathering the havoc created by Sandy, but the continued good news about revenues and jobs demonstrates we have every reason to maintain our optimism.”
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