Senator Joe Pennacchio and Senate Republican Leader Tom Kean congratulated Governor Christie for making the "Transparency in Government Act" his among his first Executive Orders. The Executive Order, which has the force of law, will create a searchable, easy-to-use Web site that taxpayers can use to track government spending.

Steve Lonegan's tax plan is based on the following core idea: "My flat tax plan will start with a flat tax rate of 2.9% on every dollar earned. The rate will decrease to 2.5% the following year, and further to 2.1% in the third year.  (Emphasis added)

Thus, the Lonegan flat tax plan presumably eliminates all deductions, exemptions, and credits.  According to the latest available data from the Treasury, these exclusions from gross income total $26.8 billion.  Seniors would lose their $2.1 billion retirement income exclusion; all taxpayers would lose another $10.2 billion of exemption deductions; another $5.8 billion of deductions would be ended, virtually of all these deductions are for unreimbursed medical expenses; and taxpayers would no longer be able to deduct $8.7 billion of property taxes to offset their state income taxes. 

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In response to Governor Corzine's announcement that he will identify only $800 million in budget savings to address a $1.7 billion loss of revenue and to pay for about $400 million in new spending, Senator Steve Oroho called on the Governor to listen to his own sound advice set forth in an Executive Order he signed in June. Executive Order 103, signed by Governor Corzine after the current budget was enacted, noted that it is incredibly poor public policy for the State to spend more than its recurring revenue.

Governor Corzine Says He is Not Opposed to the Measure

Senator Steve Oroho (R-24) is a prime sponsor of legislation that would require the state budget be balanced with only recurring revenue rather than one time financial gimmicks and short term budget fixes.

“The fact is that hard-working, middle class families in Bergen County will not be getting property tax relief. They will be paying for a variety of social programs from Gov. Corzine’s and Sen. Coniglio’s liberal agenda.  This isn’t tax relief, its income redistribution that is making New Jersey unaffordable for the middle class.