WASHINGTON, D.C. – May 21, 2015 – (RealEstateRama) — Assembly Republican Budget Officer Declan O’Scanlon, R-Monmouth, released this statement after discussions during today’s Assembly Budget Hearing regarding the volatility of the state’s gross income tax (GIT) and its impact on the state budget:
“New Jersey already relies too heavily on the extremely volatile gross income tax. The GIT accounts for a large part of the state budget, making New Jersey’s revenue stream susceptible to an economic downturn. Volatility is further increased by the GIT’s progressive structure, one of the most aggressive tax formats in the country.
“Volatility in a budget is not a good thing. The people most impacted are the folks who are the beneficiaries of New Jersey state services, property taxpayers, and anyone with school-age children. The Democrat legislative leadership has once again proposed a tax on the “wealthy” which will increase our budget volatility even more.”
