BARNES: REPUBLICAN INSURANCE PREMIUM TAX INCREASES A HUGE STEP BACKWARDS

Increases Will Force Higher Rates, Jeopardize Recent Industry-wide Improvements

(TRENTON) — Assemblyman Peter J. Barnes III issued the following statement Monday on the insurance premium tax increases in Gov. Christie’s FY 2011 Budget:

“Asking New Jersey residents to pay more in insurance premiums — especially auto insurance premiums — to balance the budget is the wrong way to go, and Republicans and Gov. Christie know it.

“Unfortunately, they were more concerned with protecting the pocket books of millionaires than they were with protecting the bottom line of working-class New Jersey families.

“In addition to paying more for insurance, this action by Republicans also threatens to jeopardize the recent, significant positive change in auto insurance competition and choice New Jerseyans were enjoying.”

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