Source: Assembly Republican Press Release -
Assemblywoman BettyLou DeCroce (R- Morris, Essex, Passaic) is strongly urging that the Assembly Speaker Vincent Prieto post a resolution (for a vote that calls for the state’s Congressional delegation to fight harder for a more equitable return of tax revenue that New Jersey taxpayers send to the federal government in Washington D.C.
Her resolution (AR50) – which has strong bipartisan support. notes “that that for every dollar New Jersey sends in taxes to the federal government, the State receives only 61 cents in return. This disparity needs to be diminished.”
The legislation which focuses on a greater need for federal transportation for the state, is supported by Democrat Assembly members John Wisniewski, chairman of the Assembly Transportation Committee Chairman and Assembly Speaker Vincent Prieto who are both co-sponsors of the legislation; and former Speaker Sheila Oliver, who is a primary sponsor of the legislation.
She said with a more equitable return of its tax dollars New Jersey would be able to reduce taxes and make the state attractive to businesses looking to invest in the Garden State. DeCroce is a member of the Assembly Commerce and Economic Development Committee and the Assembly Transportation and Independent Authorities Committee.
“With just a 61 percent return on our federal tax dollar we are subsidizing other states that are competing with us for jobs,” said DeCroce, who spoke with U.S. Senator Cory Booker about the legislation and offered to go to Washington to testify in support of the state’s need for more federal funding.
Citing a report in the March 2014 edition of The Atlantic Magazine – New Jersey ranks 40th out of 50 state in return of federal tax dollars
The authors of the study Wallet Hub Analysts, noted that: “It’s not just that some states are getting way more in return for their federal tax dollars, but the disproportionate amount of federal aid that some states receive allows them to keep their own taxes artificially low.”
Georgia, Pennsylvania and North Carolina, states that New Jersey is competing with to retain or attract business, all rate higher in return of federal tax dollars.
The Assemblywoman said companies such as Mercedes Benz of Montvale, and Sealed Air Corp. of Elmwood Park are moving to states that get a better return of their tax dollar from the federal government. Georgia for example got $270 million more in federal highway funds in 2014 than New Jersey did.
DeCroce pointed out that New Jersey last year saw a drop of almost 20 percent ($231 million) in its federal highway allocation from Washington. That $231 million, she said, would be extremely helpful as the state battles to deal with funding to upgrade its infrastructure.
“It’s time for us in the state legislature to rattle the cage of our congressional delegation and tell them they need to do a better job for the taxpayers of New Jersey,” said DeCroce. “I hope the Speaker will agree with me.”