(WEST ORANGE, OCTOBER 12) - Schundler for Governor campaign manager Bill Pascoe, continuing to beat the tax drum, today issued the following statement:
“As the New Jersey economy teeters on the brink of a recession, voters need to know what they can look forward to under a prospective Schundler Administration -- AND under a prospective McGreevey Administration. There is a BIG difference between the two men, their two records, and their visions for New Jersey’s future. To put it simply, if you’re looking for a tax cut, meet your new best friend -- Bret Schundler.
“Under Bret Schundler, taxes will be cut dramatically, and the economy strengthened -- municipal property taxes for every homeowner will be cut by an average of 15 percent; the education portion of a senior’s property tax bill will be cut in half; the capital gains tax on real property investment in urban areas will be zeroed out; non-combat veterans will receive a property tax rebate; businesses will be able to expense losses against gains, and benefit from accelerated depreciation; and, of course, the tolls will be lifted from the Garden State Parkway. Some of these tax cuts will be enacted immediately, and others phased in over several years.
“Using a static analysis, we estimate the total tax savings to be $435 million in Fiscal Year 2003; $773 million in FY 2004; $953 million in FY 2005; and $1.149 billion in FY 2006. These tax savings would offset anticipated growth in state revenues of approximately $700 million in FY 2003; $1.507 billion in FY 2004; $1.6 billion in FY 2005; and $1.7 billion in FY 2006. All told, that represents $3.235 billion in tax cuts over four years, against $5.5 billion in anticipated new revenues -- meaning there’s enough revenue projected to come in to allow for these tax cuts and STILL leave $2.273 billion in surplus funds.
“But if you’re a taxpayer, meet your new worst enemy -- Jim McGreevey. McGreevey has already made 62 different new spending promises, at a projected cost of $1.8 billion in new spending JUST IN THE FIRST YEAR! And, to make matters even worse for New Jersey taxpayers, we can only find projected costs associated with 25 of the 62 programs!
“The price tag for Jim McGreevey’s new programs would necessitate a $1 BILLION TAX INCREASE -- JUST IN THE FIRST YEAR! That means every hard-working middle class family -- you know, the ones Jim McGreevey says he’s fighting for? -- would have to fork over another $600 per year. That represents a 23 percent income tax increase.
“The choice has never been clearer -- if you want tax cuts to keep the economy strong, vote for Bret Schundler. If you want a raft of new spending programs and the tax increases necessary to fund them, vote for Jim McGreevey.”