NJ Taxpayers Need Inflation Relief NOW!

Assemblymembers Vicky Flynn and Gerry Scharfenberger call on the New Jersey State Legislature to convene for a Special Tax Relief Session as soon as possible to consider legislation in response to today’s announcement that the inflation rate has increased to 9.1%.

 

Assemblywoman Flynn remarked that, “This time last year, President Biden declared that inflation, which was then only at 5.4%, was ‘temporary.’ Not only was the President’s economic forecast dead wrong, but the President’s reaction to today’s historical inflation rate of 9.1% -- that it is not as bad as it looks -- underscores he is out of touch of the needs of working Americans. Since the federal government cannot figure out a way to stabilize our nation’s economy, it is incumbent upon the leaders here in New Jersey to take action to help New Jersey residents who are struggling with the skyrocketing costs of basic necessities. In light of today’s inflation announcement, Gerry and I call upon our colleagues in the Legislature to return to Trenton to find ways we can provide immediate financial relief now because the crushing inflation rates are simply another hidden tax imposed upon all residents here in New Jersey.”

 

Assemblyman Scharfenberger also commented about the Biden Administration’s lack of awareness of the crushing impact rising costs and inflation rates are having on NJ residents. “Despite the fact that the country is experiencing the fastest pace of inflation since December 1981, there appears to be no action by the federal government to address this economic emergency. Just a month ago, Treasury Secretary Janet Yellen conceded that she failed to anticipate the inflation rate increases we are experiencing and admitted she was wrong to say in 2021 that inflation only posed a ‘small risk’ to Americans. Today’s announcement makes clear that the Biden Administration lacks the foresight needed to address our nation’s economy. I call upon the President and Congress to take immediate action now to end the undeniable pain New Jersey residents are facing daily due to their failed policies.”

 

Both Assemblymembers expressed their concern that the 9.1% inflation rate fails to even account for other price increases, such as energy, food, gas and housing costs. Many constituents have expressed their concern to the Assemblymembers that they are in the position of making the untenable choice of choosing between filling their gas tank or putting a nutritious meal on the table for their family. The Special Tax Relief Session would provide the Legislature the opportunity to openly discuss ways in which the State can provide immediate tax relief to New Jersey residents, starting with those ideas presented by Assembly Republicans during the current legislative session, such as:

 

• Reducing the state sales tax (rolling back to 6%);
• Temporary Gas Tax Holiday;
• Tax credit to offset soaring gas prices and inflation;
• Moratorium on any future toll increases;
• Senior property tax freeze for anyone over 65;
• Temporary tax holiday on school supplies.