(TRENTON) — Assembly Budget Committee Chairman Louis D. Greenwald (D-Camden) issued a multimedia package Wednesday in which he discusses the improved revenue projections provided by the state Office of Legislative Services and the Treasury Department for the fiscal year 2012 state budget and the importance of applying the increased revenues to promote property tax relief.
The multimedia package consists of a video of Assemblyman Greenwald discussing the increased revenue projections and audio and a transcript of same.
The audio file is available upon request.
A transcript of comments from Assemblyman Greenwald follows:
Assemblyman Louis D. Greenwald (D-Camden), Assembly Budget Committee Chairman:
“Income tax revenues are up. They’re up significantly; 75 percent of the income tax revenue increase is tied directly to people making over $1 million a year.
“The Office of Legislative Services, through Dr. Rosen today, did an excellent job of tracking an historical trend, where those millionaires and their income and their growth is tied directly to the S&P 500 on Wall St.
“I believe that this shows that that taxpayer is not suffering in New Jersey right now and that the other 99 percent of the taxpayers, who are facing an ever increasing burden under property taxes, needs to be addressed.
“And we should use these revenues in a sound and conservative way, but we should tie them directly to relieving that burden of property taxes.”