TRENTON – Assembly Majority Leader Joe Cryan and Budget Committee Chairman Lou Greenwald Monday sent a letter to State Treasurer Andrew Sidamon-Eristoff asking for a detailed explanation of tax exemption “loopholes” that can being exploited.
Treasury Department officials claim the millionaire’s tax, which Democratic lawmakers have been pushing for, would do little to increase revenue for the state because the people it targets would find ways to utilize exemptions to it.
Cryan and Greenwald in a release said they want the Treasury Department to supply information about such loopholes so that they can craft laws to close them.
“If the Treasury Department is well aware of these loopholes and has done nothing to close them, it would appear that the Christie administration is turning a blind eye to this exploitation in yet another attempt to protect their rich friends,” Cryan said in the release.
And Greenwald said: “It’s disturbing that the administration has taken such a laissez-faire approach to the known exploitation of our tax system by some of the state’s richest residents.”