TRENTON, NJ – New Jerseyans have always been among the highest taxed Americans, but a double whammy of Bidenflation and Democrat tax policy is making residents suffer even more.
New Jersey Democrats and Governor Phil Murphy have refused Republican efforts to provide residents with tax relief as inflation soars.
With soaring inflation, the value of a worker’s paycheck is lessened. Resident pay more in things like sales tax on higher priced goods and the New Jersey tax code, unlike the federal tax code provides absolutely no relief for periods of high inflation like the one the country is currently experience.
It all adds up to less money for you and more for the state.
“Record-high inflation, New Jersey’s built-in income tax hikes, and a Democrat-controlled government combine to create a mean holiday Grinch. Consumers in New Jersey are feeling the extra squeeze this season, because Trenton Democrats have rejected calls to index income taxes to inflation, say Assembly Republicans,” the New Jersey Senate Republicans said today.
Reina Smrdelj, a legislative analyst at the Assembly Republican Office, likens state income taxes to a bad banana with a greasy black peel. Small increases in income push people into the next tax bracket, while rising costs decrease purchasing power. Wages can’t keep up with inflation so residents are slipping further behind. In the last year, living expenses in New Jersey increased by $8,900, but the average pay only increased by $3,700.
“No wonder state residents are in such a funk this year – inflation, taxes and Dems just stink, stank, stunk,” she said.