Governor Murphy unveiled his FY 2023 state budget earlier today in the first in-person budget address since the start of the pandemic and at a time when the state for the first time in years has abundant resources to invest in the public good. The proposal makes critical investments in property tax relief, education, support for working families, and much more. In response to the budget address, New Jersey Policy Perspective (NJPP) released the following statement.
Jon Shure, Interim President, NJPP:
“New Jersey’s finances are stronger today than they’ve been in more than a decade — proof that progressive tax policy is fiscally responsible tax policy. The economy is not an abstract concept, but something we all build together by making sure all families have the resources they need to make ends meet.
“Governor Murphy’s budget proposal recognizes that you can’t cut your way to prosperity. Affordability doesn’t come from reducing public investments that help people get ahead, but by funding the building blocks of strong communities. This year’s budget increases investments in education at every level, expands access to affordable health care, and funds the creation of new, affordable homes. These sorts of investments are how we build an economy from the bottom up and the middle out — not the top down.
“With one in ten residents living in poverty, and millions more struggling to get by, the state’s robust financial condition presents lawmakers with a historic opportunity to think even bigger. By expanding the Earned Income Tax Credit and other assistance that puts cash back in the pockets of workers and their families, and supporting innovative policies like a state-level child tax credit, lawmakers can advance equity and make New Jersey affordable for all.”
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