TRENTON, N.J. – New Jersey is in even better financial shape than first thought, with billions more in surplus than anticipated in Gov. Phil Murphy’s proposed FY2023 budget. As such, Assemblyman Christopher DePhillips is calling for the governor and legislature to provide New Jerseyans tax relief in this year’s budget.
“The state treasurer delivered a message to the legislature today that there is $6.9 billion more in revenues than originally projected,” DePhillips (R-Bergen) said. “With inflation skyrocketing while so many residents are still struggling post-pandemic, we must deliver this relief to them now.”
New Jersey homeowners pay among the highest property taxes in the nation, an average of $9,112. Rather than offering one-time tax rebates, DePhillips wants to see permanent tax cuts made. Republicans have called on indexing state income taxes to inflation, dedicating the income tax –rather than property taxes – to fund schools, and cutting extravagant public employee benefits to combat high taxes.
DePhillips is also sponsoring legislation (A1146) that will gradually lower the corporate business tax rate from 9% — the highest in the nation – to 2.5% after Dec. 31, 2023, which will lower the cost of goods for consumers while spurring job growth by attracting companies to set up shop in the state.
“We are notoriously overtaxed in this state, making it unaffordable for young people moving from their childhood homes, to the elderly on fixed incomes, and everyone in between,” DePhillips added. “Governor Murphy borrowed money we didn’t need and collected more taxes than he anticipated. We must act to lower taxes now to ensure a prosperous New Jersey for everyone later.”