(TRENTON) – Assembly Speaker Vincent Prieto (D-Hudson/Bergen) released the following statement Monday after joining the a diverse coalition of advocates, activists and working families to rebuke calls for “tax fairness” that include eliminating the state’s most progressive tax on inherited wealth:
“If you want to talk about real tax fairness, then you must talk about actions such as increasing tax credits for working families, not providing tax breaks to the wealthy. That’s why I proposed and the Assembly approved increasing New Jersey’s Earned Income Tax Credit to 40 percent of federal benefit amount.
“We know this tax credit benefits its recipients substantially, and we clearly need to do more in the face of rising poverty in this state. Research clearly documents the EITC’s beneficial effects on poverty, consumption, health and even the academic outcomes of children. This is among the best actions we can take to rebuild our middle-class and provide tax fairness to working families.”