Schaer: Borrowing Money to Fund Governor’s Income Tax Relief Scheme Provides Little Relief to Working Families

(TRENTON) – Assembly Budget Vice Chairman Gary S. Schaer (D-Passaic/Bergen) released the following statement Wednesday after hearing from the Office of Legislative Services and state treasurer on a potential revenue shortfall of up to $1.3 billion for this and next fiscal year:

“I’m troubled that we’re borrowing money from the transportation fund to help fund the governor’s proposed income tax scheme, which in actuality provides almost no relief at all to the middle-class and poor.

“How do we explain to the public that we’re borrowing money to provide income tax relief that mostly benefits the rich?

“It’s the equivalent of going to your bank and borrowing money to deposit into your checking account that you must later repay with interest.

“It doesn’t make financial sense and is unfair to the taxpayers.”