December 16, 2008 - 4:30pm
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ANGELINI AND RIBLE: CORZINE'S TAX AND SPEND PHILOSOPHY PLAYS MAJOR ROLE IN STATE REVENUE DECLINE

By ARep
 ANGELINI AND RIBLE: CORZINE’S TAX AND SPEND PHILOSOPHY PLAYS MAJOR ROLE IN STATE REVENUE DECLINE Lack of Fiscal Restraint and Anti-Business Approach Contribute to Woes

 With today’s revelation that state revenue collections in November were $200 million less than what was budgeted, Assemblywoman Mary Pat Angelini and Assemblyman Dave Rible, both representing the 11th Legislative District, remarked that the disappointing results are largely fueled by the Corzine administration’s failed policies towards business and the inability to cut state spending.  It is also expected that the state will soon announce further declines in employment in the private sector as New Jersey’s unemployment rate will increase from its current level of 6.1%

“Given the years of anti-business legislation and tax increases coming out of Trenton, the revenue results are not terribly surprising,” stated Angelini (R – Monmouth).  “What is surprising is that it took months of job losses and the tumultuous results on Wall Street to get the attention of this administration.  For over six years Trenton has taxed and regulated the business community into submission, until they either reduced their work force or left the state completely.  At the same time, our fiscal appetite remains ravenous with no concrete proposals from the governor about reducing state spending.”

“People in New Jersey are now feeling the impact of misguided public policies such as increasing the state sales tax and real estate transfer taxes, raising personal income taxes, and implementing paid family leave,” remarked Rible (R- Monmouth).  “Governor Corzine’s Wall Street pedigree has not benefited taxpayers or businesses in New Jersey.  A fundamental business practice is that when an enterprise is struggling one of the first steps it takes is to reduce its spending on unnecessary items.  Under the governor’s leadership, Trenton has yet to reform its spending priorities.  Government has continued to rely on a revenue stream that is dependent on business and taxpayers.  Now that the state is experiencing a decline in both segments, which is exacerbated by the worldwide economic crisis, we face the reality that it may take two years before we see any improvement.”

Both legislators expressed dismay that the state has not recognized the need to at least postpone the mandate for municipalities to provide an affordable housing plan to the State Community Affairs Division or rescind the paid family leave law that takes effect January 1, 2009.

“For six years we have been filling a powder keg with fiscal explosives,” continued Rible.  “The financial meltdown on Wall Street ignited the fuse that has everyone wondering if and when they will be impacted by the explosion.  It is time to recognize that we must change our tax and spend approach.”

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AREP can be reached via email at ARepOffice@njleg.org.
Related topics: Lack of Fiscal Restraint and Anti-Business Approach Contribute to Woes
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