TRENTON – Despite telling Assembly lawmakers that the state can expect hundreds of millions less in revenue than the governor originally projected, State Treasurer Andrew Sidamon-Eristoff said a tax cut is still beneficial for the state’s economic health.
“Please allow me to anticipate your first question,” Sidamon-Eristoff said during an Assembly Budget Committee hearing. “Mr. Treasurer, if revenue has not met expectations, how can we possibly afford – let alone justify – an income tax cut?”
Sidamon-Eristoff said the budget should be thought of as an investment, saying the governor’s tax cut plan would be beneficial over the long haul.
“The governor, in conjunction with the Legislature, is responsible and accountable for making choices among competing priorities,” he said. “In our view, investing in a modest across-the-board income tax cut that will improve New Jersey’s long-term economic competitiveness is and ought to be a top policy priority for New Jersey.”