Can Governor Christie Lead New Jersey to an Earlier Cost of Government Day?

Center for Fiscal Accountability ^ | 2011-09-06 | Jacob Feldman

[92nina]

...New Jersey taxpayers work longer than citizens in 48 other states to pay off the cost of local, state and federal government – 249 days out of the year.

Tax hikes in Jersey have topped $42 billion over the last two years; consequentially, New Jersey taxpayers have experienced the highest increase in taxes for each man, woman, and child - $4,905.20. This is a total of $19,620.80 in new taxes levied on a family of four. These taxes are used to increase state spending programs and do not even include how local governments also increase the tax burden. As of all the states in 2009, New Jersey had the highest joint state and local taxes as percentage of state income: 12.2 percent. Working to reduce the tax burden on the New Jersey economy in order to increase revenues through economic growth, Governor Chris Christie submitted tax reform proposals in his FY 2012 budget proposal for workers and small businesses.

Democrats disregarded Governor Christie’s budget and submitted a budget six days before the close of the 2011 fiscal year to increase spending for 2012 by $300 million above revenues. Using his line-item veto, Governor Christie eliminated $900 million in spending from the Democrat budget to ensure that projected spending would fall below projected revenues for the coming year. This represents the first in many necessary and significant steps toward addressing New Jersey’s $33 billion debt cause by rampant overspending under previous administrations.

[92nina]

"New Jersey “celebrates” the second latest Cost of Government Day in the nation – twenty-five days later the national average of August 12..."

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