Updated 2/9/08
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Monetization
Dead or just hibernating?
New Jersey 101.5 Flying PIGS Rally
Friday, February 8 on the steps of the State House in Trenton
TESTIMONY BEFORE THE SENATE BUDGET
AND APPROPRIATIONS COMMITTEE
January 23, 2008 – Room 4; State House AnnexRe: Gov. Corzine’s Financial Restructuring and Debt Reduction Proposal
Gov. Corzine’s plan to reduce State debt by increasing tolls places the burden of debt reduction on a relatively small population of our state. In addition, tolls have been proven to be the most expensive and least efficient tax to collect due to the cost of salaries, facilities, maintenance of toll structures, etc.
A more fair solution is to effectuate increases in all three existing taxes – sales, income and gasoline. These increases should be temporary, with automatic “sunsets” built into them. This solution balances the responsibility of State debt reduction on ALL New Jerseyans and out-of-staters as well. And the costly process of fees to law firms and bonding houses is avoided. In the Governor’s proposed plan, the restructuring of toll taxation, creation of the proposed “Public Benefit Corp.,” issuance of new bonds, and administration of the process would cause huge layouts of funds to lawyers and bond merchants. We have not heard a valid reason from Gov. Corzine as to WHY this well-balanced solution is not being considered. We hear only that he WON’T consider it! As far as example of revenue raised, a ONE PENNY INCREASE in the gas tax would raise approximately $46 million/year, so it seems that an appropriate increase in gas tax to fit the current situation would be productive and not prohibitive for drivers.
The combination of cutting cost of State government and instituting appropriate and temporary raises in existing taxes would generate necessary funds to reduce State debt significantly over a finite period of time and would not place a 75-year yoke of debt upon the already-burdened taxpayers.
Submitted by John Millett
Citizens Against Tolls(Citizens Against Tolls is a member of the Save Our Assets NJ Coalition)
MONETIZATION
The citizens of New Jersey are pleading with Governor Corzine to end the gimmicks and borrowing, cut waste and spending, and lower taxes. His reply? "When pigs fly" ("But pigs will fly over the Statehouse before there’s a realistic level of new taxes or spending cuts that can fix this mess" - Gov. Jon Corzine).
Instead, he comes out with a plan that painfully increases taxes (aka tolls), then immediately borrows against them, and even adds to the government bloat by adding tolls to an existing free road.
Will November Be Too Late?
Reminiscent of the "Florio Free in 93" campaign, CAT is getting comments to "remember in November". Unfortunately, if Corzine succeeds in ramming his plan through, the next election will be too late - the money will be borrowed and spent by then, and the ramifications felt for the next 75 years. We can't let this happen. Do I hear...?
Click Here for more on the Growing Public Doubt
And yes, Governor, CAT does have a suggestion: Stop the gimmicks and borrowing, cut spending by reducing wasteful bureaucracy, and lower overall taxes. How? Don't monetize the tolls, ELIMINATE THEM!
FACT: Eliminating tolls is the ONLY plan that will lower
our overall tax burden by reducing bureaucracy.
Click here to sign the Online Petition
CAT commends Assemblyman John S. Wisniewski (D; #19) for his wise questioning of Gov. Corzine's plans to increase tolls to reduce State debt. Legislators on both sides of the aisle should take a lesson from A'man Wisniewski's well-grounded doubts and concerns and be diligent in protecting New Jersey's taxpayers. CAT advocates prudent increases in existing State taxes with those increases to roll back as debt is reduced -- a much wiser and more economical solution!
Join the fight against Monetization!
Important links to other sites:
Americans For Prosperity
One more suggestion:
Why not
monetize the Turnpike to free the Parkway?
For years we were told that you didn't have the money to remove the tolls from he Parkway. Question: Why didn't anyone think of this plan as a way to free the Parkway? Of course, it wouldn't be fair to Turnpike drivers, but at least it would be more fair than giving the money to non-toll road users.
