the staff of the Ridgewood blog
Trenton NJ, Treasurer Elizabeth Muoio is right about New Jersey needing a much bigger surplus than the one being proposed right now. But the same analyst she cited in support of her position also has suggested that raising the millionaires tax is the wrong way to go, the New Jersey Business & Industry Association said this morning.
“NJBIA agrees with the Treasurer that New Jersey should have a much bigger surplus than it has now, and the one being proposed by the Murphy administration is the largest we’ve had in a long time,” said Andrew Musick, NJBIA vice president for Government Affairs. “That’s to the governor’s credit. But the way to grow New Jersey’s surplus is through the structural spending reforms that were introduced by legislators last week, not raising taxes in an economy that’s been growing for years and remains strong.”
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