TRENTON, N.J. – Assemblywoman Serena DiMaso blasted a tax deal brokered Thursday between Gov. Phil Murphy and the Democratic legislative leaders to raise taxes in exchange for a one-time rebate.
“It’s a gimmick that proves what we have said all along – higher taxes aren’t necessary to balance the budget,” said DiMaso (R-Monmouth). “Murphy said he needed to raise taxes because revenues were dropping, but now it’s to fund special rebates next year when he is running for re-election.”
As part of the deal, the state’s income tax rate on earnings over $1 million will increase to 10.75 percent from 8.97 percent, and the state will give $500 rebates to approximately 800,000 families during the summer of 2021.
“People need much more than $500 to help them through tough financial times, and they shouldn’t have to wait until next summer,” continued DiMaso. “They need us to reopen our economy and save our business community. And they need us to pass broad reforms that help everyone, not further entice our top earners to relocate out of the state.”