Updated: Jul 4
June 16, 2023 | njspotlightnews.org
Photo Credit: Andreas Fotografie (on Pixabay)
With state tax collections once again falling below expectations, a bipartisan group of budget and economic-policy experts is raising new concerns about New Jersey’s long-term fiscal trajectory.
A five-year budget forecast included in a report released on Thursday by Rowan University’s Steve Sweeney Center for Public Policy predicts multibillion-dollar budget gaps are likely within a few years, under the state’s current tax and spending policies.
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NJ SEED: The rosy view of NJ’s fiscal condition may be starting to fade. The Sweeney Center’s report suggests that tax cuts in election years may have to be followed by tax increases in non-election years.