Senate President would reinstate millionaires’ tax

TRENTON – Senate President Steve Sweeney today offered a plan that would restore balance to the state’s Fiscal Year 2015 budget by reinstating the millionaires’ tax and adding a surcharge to the tax on corporations, along with other actions (see below). The additional revenue of $1.6 billion will rescue the governor’s spending plan by providing the resources needed for a fiscally responsible budget that maintains the state’s commitment to all residents.

 “We face a serious fiscal crisis with a lot at stake. The state budget has a real and lasting impact on the lives of everyone in New Jersey, including senior citizens and retirees. This fiscal crisis didn’t appear overnight, it is the result of actions and inactions over the years. Mistakes were made in the past and often they were repeated, which compounded the fiscal problems,” said Senator Sweeney.

 “But it isn’t good enough to just blame others in the past; that won’t solve anything. And it’s not good enough to try to make scapegoats out of any groups or organizations. If you are in a position of leadership you are also in a position of responsibility. Taking on these challenges goes with the job.

“I don’t like raising taxes but the wealthy have benefited the most in recent years. It is time to have them pay their fair share. This isn’t about punishing success, it is about basic fairness. (see below)

“Also a matter of fairness is that this plan will make the full pension contribution that the governor promised. We must keep that promise. Staying true to the promised payments is also a matter of financial integrity. Abandoning the promise will cost more in higher interest rates and lower credit ratings.

“This plan is not only a matter of fairness and responsibility with pension payments, it is really about the full range of government services and opportunities, including such things as property tax relief, college affordability, public schools, law enforcement, transportation and many more priority needs.

 “We have to maintain the state’s commitment to all New Jersey residents by meeting all of our commitments. This is a fair and responsible plan that will help meet those needs as it restores balance to the budget in a fiscally responsible way.” 

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