The Briefing Room
State Chapters => State Politics/Government => Topic started by: Free Vulcan on October 12, 2016, 06:47:31 pm
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TRENTON — Echoing progressive opponents of a transportation tax package passed by the state Legislature last week, a Wall Street rating agency said Monday that the deal is ultimately bad for New Jersey's bottom line.
The Senate and Assembly on Friday approved the controversial tax package, which trades a 23-cent-per-gallon increase in the gasoline tax for a series of cuts to the estate, sales and income taxes.
Gov. Chris Christie is expected to sign the bill, which ultimately will pour more than $1.23 billion a year into the depleted Transportation Trust Fund, while pulling more than $1.4 billion annually from a state budget that already underfunds education, public worker pensions and other programs by billions of dollars a year...
Read more at: http://www.nj.com/politics/index.ssf/2016/10/moodys_warns_of_budget_hole_created_by_23-cent_gas.html