Assembly Speaker Sheila Y. Oliver (D-Essex) on Tuesday released the following statement on Governor Christie’s State of the State Address and his proposed income tax cut:
“For the last two years, the Governor has ignored the economic and social realities of the working poor. All of the cuts that have been instituted by this administration have disproportionately equated to tax hikes on those who earn the least.
“A ten percent across-the-board income tax cut might make a nice sound bite, but ultimately it benefits the wealthiest far more than low and middle income earners. Essentially, what was proposed today was an $80 tax cut for families earning $50,000 and a $7,200 tax cut for families earning $1 million. And in order to achieve this, roughly $1 billion in revenue will have to be diverted from somewhere else.
“The obvious question is: Where will this money come from? And will it cut further into education funding or vital social programs that our poorest residents rely on as a lifeline?
“When the Governor travels to Irvington this week, I hope he takes a circumspect look at the realities that families in some of our poorest neighborhoods face. In order to truly help lift them out of poverty, we need a comprehensive investment, one that addresses the social ills that impact a child’s learning and a family’s ability to get ahead. Privatizing education and offering corporate tax credits for scholarships will not address these underlying factors,” said Oliver.