Senate Republican Leader Anthony M. Bucco said New Jersey has an affordability problem after the think tank Truth in Accounting ranked New Jersey last in the country in their report on state’s finances. New Jersey received a failing grade for having the highest taxpayer burden in the country.
“Governor Murphy and Trenton Democrats often brag about a $10 billion surplus while ignoring the fact that New Jersey is drowning in debt. Trenton Democrat’s poor fiscal management of the State has created an unacceptable $179 billion shortfall,” said Bucco (R-25). “While the Murphy administration squandered money on a French museum in Jersey City and a fleet of SUVs for State officials, the burden for taxpayers has grown to nearly $54,000. This financial path is unsustainable and will lead to higher taxes in the future if Democrats continue to ignore Republican reforms.”
The report from Truth in Accounting ranked New Jersey last out of all fifty states — again — for poor fiscal responsibility. According to the report, the State received a failing grade for having $179.2 billion in debt and the highest taxpayer burden in the country of $53,600.
Statewide property taxes are also higher in New Jersey than anywhere in the country. The average property tax bill increased to nearly $9,500 in 2022 — a record high — according to the State Treasury Department.
“Governor Murphy and Trenton Democrats have billions of dollars sitting in special funds which should have been dedicated to retiring debt and making New Jersey more affordable,” Bucco added. “Instead of using that money to reduce taxes for small businesses and homeowners, Trenton Democrats have prioritized wasteful spending like subsidizing a foreign offshore wind company at the expense of utility ratepayers and Seniors. This is unacceptable management of taxpayer dollars. Republican reforms are desperately needed to get New Jersey back on the right track financially.”