TRENTON – New Jersey’s economic outlook is improving, but there is still more work to be done.
That was the message delivered this afternoon to Senate lawmakers by Treasurer Andrew Sidamon-Eristoff, who is testifying before the Budget and Appropriations Committee.
In outlining Gov. Chris Christie’s $32.1 billion budget proposal, Sidamon-Eristoff spoke on the significance of the governor’s proposed 10 percent income tax cut for New Jersey residents. He explained that the proposal is key to ensuring strong growth.
“The governor’s income tax rate cut will help boost New Jersey’s competitive position in our region and with our long-term prospects for growth and jobs,” the treasurer said in his opening testimony.
“… We cannot afford to ignore the documented role that taxes, particularly income tax rates, play in decisions on business location and expansion,” he continued.
The treasurer also said restoring the state’s Earned Income Tax Credit to 25 percent of the federal credit would “provide a much needed boost to low-income families.”
Sidamon-Eristoff went on to say that the state’s economic outlook is promising.
“New Jersey’s economy is clearly coming back and growing,” he said, though, earlier in his remarks, he said, “We are by no means ‘out of the woods.’”
Prior to his opening remarks, the chairman of the budget committee, Sen. Paul Sarlo, (D-36), Wood-Ridge, expressed concerns about the governor’s optimistic revenue projections.
“No one can say the ‘economic good times are back,’” Sarlo said. “So, Mr. Treasurer, and my colleagues on this committee, that is why I sit here today somewhat puzzled by the governor’s budget proposal.”
The governor’s office projected total revenues for the fiscal year will be $31.9 billion, nearly $2.2 billion more than the previous fiscal year.
Sarlo went on to voice his support for the Senate Democrats’ plan, which would give a 10 percent tax credit for residents earning $250,000 annually or less.
“Let’s make sure we do all we can to generate a real New Jersey comeback that includes a comeback for the middle class,” Sarlo said.