There has been talk among members of the legislature about whether the state should lower or raise taxes. Assemblyman Jon Bramnick (R) told NJTV News Managing Editor Mike Schneider that following a recent report by the Region Atlantic, the state cannot raise taxes and compete with states like Florida and Pennsylvania.
“This is a simple question,” said Bramnick. “How do you raise taxes when you’re not competitive with Pennsylvania and you’re not competitive with Florida?”
Bramnnick said that the state Democrats want to raise taxes and want to pass the bill that has been labeled as the millionaire’s tax, which would increase taxes for residents making the most money. According to Bramnick, if the millionaire’s tax passes, then Gov. Chris Christie will veto it and that the state Republicans will not support it.
The Region Atlantic report says that New Jersey is losing some of its wealthiest residents due to taxes. According to Bramnick, while the state is losing its wealthiest residents, they are being replaced by residents with income that is less than half of the people leaving.
Bramnick believes that it is possible for New Jersey to lower its taxes and that it would pass in both the state Assembly and Senate and the governor would sign it.
“We already ruled out raising taxes, but I’m convinced that the Democrats pass it, which they control both houses,” Bramnick said. “I’m convinced though the governor is not pushing for it.”
Although Pennsylvania is among the states with lower taxes and fracking, Bramnick said that New Jersey does not have the land for fracking and that there’s no natural gas. He also said that a recent survey found that a majority of people in the state love living in New Jersey and that it shows that the state has the resources needed to keep people in it.
As for the tax situation in New Jersey, Bramnick said that both houses could pass the bill as an emergency and that it doesn’t have to be big. Bramnick says he doesn’t predict it happening but that taxes can be lowered in a day under the rules of the legislature.