New Jersey Senate Republican Leader Tom Kean (R-21) responded to a report in Crain’s Insider titled “Nearby states doing worse than New York.” The March 13, 2009 report, published in the highly respected and influential business publication, noted that New Jersey experienced a 6.8% drop in tax revenue in the 4th quarter of 2008, while New York experienced a dramatically lower reduction of just 0.2%, despite serious problems in the financial sector.
The report also noted that Pennsylvania experienced a 2.4% decline in 4th quarter 2008 tax revenues, and a 50-state average decline of 3.6% during the same period.
“While Governor Corzine has repeatedly maintained that his efforts to sustain state spending have put New Jersey closer to economic recovery than other states, the data shows that New Jersey is actually doing much worse than our neighbors and the nation as a whole,” said Kean. “Governor Corzine’s proposal to increase business taxes by $350 million, while cutting thousands of dollars of rebates and property tax deductions for middle-class families, will only ensure that the New Jersey economy continues to suffer unnecessarily.”
Senator Kean is the primary sponsor of the “Economic Development Promotion Act,” S-281, which would make New Jersey job growth programs more efficient, target high paying industries, and give middle class families the economic security of a stronger job market.
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