Posted on 07/01/2004 9:27:05 AM PDT by Sub-Driver
McGreevey skips spotlight and signs budget privately Thursday, July 01, 2004 BY JOE DONOHUE Star-Ledger Staff At 12:01 this morning, New Jersey's new $28 billion state budget took effect, signed without ceremony yesterday by Gov. James E. McGreevey.
At 1 this afternoon, it faces a challenge in Superior Court in Trenton, where a judge will hear Republican claims that it is balanced unconstitutionally with borrowed money.
The governor put his signature on the 270-page spending plan yesterday morning in the privacy of Drumthwacket, his official residence. The budget boosts taxes by $1.7 billion and hikes spending a record $4 billion to provide more funds for schools, taxpayer rebates, hospitals and endangered youth.
"Today is a great day for New Jersey's property taxpayers, seniors and children," the governor said in a prepared statement. He took pride in the fact that funding for state programs that will help keep down local property taxes rose nearly $1.7 billion above last year's figure. That represented nearly half the overall spending increase.
"To keep property taxes under control, this budget provides more direct aid to school districts than ever before in the history of our state," he said, noting the $8.8 billion total being returned to local school districts is almost a third of the total state budget.
"It continues the investments that have helped our state lead the economic recovery in the region, and fills in the gaps where the federal government has failed to live up to its responsibility," the governor said.
His statement did not mention that the budget drives up taxes on wealthy residents, car owners, cigarette smokers, home buyers and others by $1.7 billion. That's more than any other state this year, according to Americans for Tax Reform. New York was next-highest with $1.1 billion in increases, according to Dan Clifton, a budget analyst with the group.
Like McGreevey, Sen. Wayne Bryant (D-Camden), the Senate Budget and Appropriations Committee chairman, made no apologies for the largest-ever increase in dollars spent.
"Democrats are proud of a budget that will reform our child protection system, fully fund charity care, and entitles every high-achieving student to get a full scholarship to a county college," he said.
"Our Republican critics want to say 'no' to those most in need, but we have stepped up and said 'yes,'" Bryant said.
Republicans countered that the Democrats have gone overboard.
"If the Guinness Book of World Records had a category for 'fiscal irresponsibility,' the McGreevey administration would lead the pack," said Sen. Joseph Kyrillos (R-Monmouth), the state Republican chairman.
"Governor McGreevey is violating the No. 1 rule of sound fiscal management -- he is spending billions of dollars that we as a state do not have," added Senate Minority Leader Leonard Lance (R-Hunterdon).
(Excerpt) Read more at nj.com ...
Jimmy Florio redux.
Heard on the local news 12 this morning that he also slipped a real estate "transfer" tax into the budget. If you sell your home in NJ this new tax is going to cost the average seller about $4,000
Drumthwacket? Sounds naughty!
Within five years the several thousand of the millionaires who call NJ home today will have moved out of state. Along with their companies, to states live Texas or Florida, or even North Carolina, taking with them tens of thousands of jobs. This budget is clearly unconstitutional, and if the courts don't enforce the law, there is no reason for the producers in the state to stay and have their taxes increased for the next decade to pay for continuously ballooning deficits and interest payments. The Democrats have decided they will be the biggest fish in a smaller pond, slashing and burning their way to a Massachusetts like permanent dominance in NJ county and state elected and appointed political and judicial offices.
Borrowing, which is specifically prohibited by the state constitution.
It would be more accurate to say Florio squared. If this guy is re-elected he's on track to double the state budget in eight short years. McGreedy is looking at New York's top marginal income tax rate of 44%, and feels New Jersey is being seriously shortchanged by the greedy rich residents of the state.
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