OROHO, McHOSE AND CHIUSANO HAIL SUNSET OF INCOME TAX HIKES

            Senator Steven Oroho, Assemblywoman Alison Littell McHose and Assemblyman Gary Chiusano, all R-Sussex, Morris, and Hunterdon, today hailed news from the Christie administration that certain income tax hikes enacted under former Governor Jon Corzine and the Democrat-controlled Legislature have sunset.

            “The fact that these onerous tax increases on income have sunset is welcome news for a state whose population has been inundated with taxes for the past eight years,” said Oroho.  “Reducing taxes and cutting spending will help make New Jersey competitive again in attracting new businesses and spurring job growth.”

            “Increasing tax rates on higher income households and small businesses was another ill-advised, irresponsible reaction to New Jersey’s sinking economy by the Corzine administration,” said McHose. “It’s encouraging that Governor Christie understands the devastating impact of such tax hikes and has promised not to revive it as he begins the arduous task of putting our fiscal house back in order.”

            As of midnight December 31, 2009, the 10.75 percent tax on incomes above $1 million had sunset along with a 10.25 percent tax on those earning $500,000 and 8 percent on $400,000 incomes.  Former Governor Corzine imposed the temporary tax hikes last year as state revenues continued to freefall, pushing the state’s economy to the brink of bankruptcy.  The legislators are hopeful that, after eight years under Democrat administrations which imposed many new and increased taxes, the state will now witness their unraveling to relief of overburdened taxpayers and businesses.      

            “I have often said that the worst oxymoron used in New Jersey is the term “temporary” tax,” stated Chiusano.  “It isn’t very often that a ‘temporary’ tax increase truly is temporary in this state.

            “Had former Governor Corzine been re-elected, it’s highly unlikely he would have allowed these tax increases to expire based on his track record,” Chiusano continued. “That would have been devastating for our economy. History has shown you cannot tax your way out of a fiscal crisis.  The fact of the matter is our state simply cannot afford to place the burden of bailing out our state on our taxpayers no matter what their income level is.”

            “We look forward to rolling up our sleeves and working with the new administration to provide the much needed relief New Jersey taxpayers demand,” Oroho concluded.

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