As the cost of living in New Jersey continues to rise, we are committed to combating historic inflation by putting money back into the pockets of New Jerseyans struggling with these rising prices. Rising costs of goods, products, and services have caused an economic burden for families across the state. This means everyday necessities are becoming increasingly expensive and leaving citizens needing help to make ends meet each month.
According to the Bureau of Labor Statistics, in October of 2022, the average food costs, particularly staples like eggs, flour, and butter, were up ten percent from the year before and will likely rise another four percent in 2023. In addition, electricity prices jumped 15 percent, and housing costs rose six percent by August 2022. And since January 2021, monthly rents for all New Jersey homes have gone up 27 percent.
With these numbers in mind, it’s evident that residents need relief as soon as possible – and our plan to keep more money in your pocket will go a long way toward reducing financial insecurity. An immediate cut in your state income taxes will ensure you can afford basic necessities.
Our proposed cut would save a family of four making $110,000 more than $1,500 per year. These cuts would be felt throughout New Jersey and give many families much-needed breathing room. Additionally, with extra funds in their pocketbooks, people can make more informed decisions about their budgeting and planning needs, which will help stimulate economic activity in other sectors of our economy.
This reduction in your income taxes will be sustained because the state’s tax brackets will be automatically adjusted for inflation. If the cost-of-living increases, tax brackets will shift to allow more of your money to stay in your pocket.
It is essential now that individuals are still reeling from the aftereffects of the COVID-19 pandemic – not only have many lost jobs or seen their wages reduced, but all this financial instability has hit those who were already financially vulnerable before the hardest. We can help you keep more of your hard-earned money by immediately cutting state income taxes for everyone.
For too long, we’ve been stuck with rising prices on almost every front – from rent and healthcare to food and clothing – without any substantial relief. But thanks to this plan, you may finally be able to start feeling more secure again. It's time for the Legislature to get on board with this critical issue to build a healthier financial future for generations while ensuring everyone has access to basic needs and opportunities today.
Yours in service,
Marilyn and Kim