Editorial from The Record
THERE ARE dozens of painful program cuts in Governor Christie’s tentative state budget for next year. We support many of these proposals, because we believe it’s high time to end New Jersey’s tax-and-spend-way-too-much ways.
But some state programs are too important and provide so much bang for our bucks, cutbacks are pound-foolish. We [...]
Valerie’s Voice on the Millionaire’s Tax
May 24th, 2010
Since Governor Chris Christie took office earlier this year, he has made popular the term “shared sacrifice.” At its best, this phrase signifies the coming together of all New Jersey residents to resolve our State’s challenging fiscal situation. At its worse, shared sacrifice means the loss of vital programs, services, and resources for students, low-income families, elderly individuals, and people with developmental, intellectual, and physical disabilities. When Governor Christie vetoed the so-called Millionaire’s Tax last week only moments after both houses of the Legislature passed the legislation, he sent a message loud and clear to New Jersey citizens: shared sacrifice applies only to those individuals who are already sacrificing and not to those who could afford to share a little more. Below is a sampling from emails my office received from constituents expressing their disagreement with the Governor’s decision to put the concerns of 16,000 wealthy residents ahead of the needs of 600,000 senior citizens and individuals with disabilities:
“No one disagrees that NJ’s financial troubles NEED to be addressed. The budget proposal from Governor Christie includes major cuts to health care, senior citizen programs, education, municipal aid and transportation, BUT no new revenue. The responsible way to respond to the current realities of NJ’s budget deficit is to extend the ‘Millionaire’s Tax’ – which is true “shared sacrifice”.”
“Christie talks about sharing the pain in balancing the state budget, but when it comes to the wealthy, there is no sharing. I don’t believe a one time tax would drive the wealthy from this state. In fact, Christie’s attempt to balance the budget on the backs of the middle class will have the same effect in driving out the middle class.”
“Please override this veto and make it law.”
Governor Christie’s proposed Fiscal Year 2011 budget eliminates the relied-upon homestead property tax rebates for over 600,000 senior citizen and disabled homeowners and tenants. Additionally, the proposed budget calls for drastic changes to the Pharmaceutical Assistance and Disabled (PAAD) and Senior Gold Prescription Discount programs. If these changes go into effect senior citizens and individuals with disabilities would be forced to pay hefty deductibles that they are unable to afford, resulting in people not purchasing the prescription medications they need.
These budget proposals would cause two of our State’s most vulnerable populations, senior citizens and individuals with disabilities, severe financial hardship. In response to the many pleas we have heard from our constituents to reverse these budget proposals, Democrats in the Legislature proposed legislation to adjust the income tax rate for individuals making over $1 million per year in fiscal year 2010. By raising the tax rate less than 2% on this segment of the population for a single year, New Jersey would take in an estimated $637 million in revenue. With that money, our State would be able to continue providing necessary assistance to senior citizens and disabled individuals by restoring the homestead rebate and staving off the PAAD and Senior Gold Prescription Discount changes.
I am disheartened by the Governor’s swift rejection of the Legislature’s effort to save crucial programs for senior citizens and individuals with disabilities. However, I look forward to working with likeminded colleagues in sending a message back to Governor Christie: New Jersey’s most vulnerable residents should not have to sacrifice anymore.
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