In response to a report in which Governor Jon Corzine said New Jersey could be facing a $3.5 billion budget deficit next year, Assembly Conference Leader Pete Biondi is warning taxpayers to brace themselves for even higher taxes next year.
?The handwriting is on the wall,? said Biondi, R-Somerset and Morris. ?It?s only October and already the governor and his people are strongly hinting at tax hikes due to an impending budget deficit which is directly linked to the Democrat?s insatiable appetite for spending. We cautioned the governor and Democrats last year that it was a bad budget, but again they refused to listen.?
According to an Associated Press report on Tuesday, Corzine said that although state tax revenues are currently slightly ahead of projections that could easily change. The acting state treasurer agreed with the governor saying that, ?…we also know that it?s early and the revenue picture doesn?t come into real focus until later in the fiscal year.?
?Those comments along with the governor?s secret transportation asset sale plan equals higher taxes and higher tolls for New Jersey taxpayers,? said Biondi. ?You don?t need a math degree to figure that out. The Democrats have one solution and one solution only for what ails this state ? higher taxes. It?s their remedy for EVERYTHING. This explosion in spending growth has resulted in massive tax hikes and irresponsible borrowing. And that?s not political rhetoric, it?s fact.?
Biondi pointed to the Democrat?s record for the past six years where they hiked spending $11 billion and imposed 94 new taxes worth more than $6 billion to support that spending.
He also noted a new Rutgers University study that was released this week that found New Jersey?s high taxes and housing costs are stunting state growth. The report showed that between 2000 and 2005, one in eight residents left the state in addition to the 72,547 who moved out in 2006. That migration cost New Jersey about $680 million in potential tax revenue in 2006.
?The Democrats are compressing our tax base and chasing businesses and people from New Jersey, yet they just don?t seem to care that they are bankrupting the state,? said Biondi. ?People are moving out, but no one is moving in. Why would they? The Democrats have posted a sign at our borders ? ?Welcome to NJ: Your checkbook is our checkbook.??