Since The Power to
Tax is the Power to Destroy, It Appears that Phil Murphy wants to Destroy New
Jersey
In 1819,
John Marshall, the Chief Justice of the Supreme Court, held, “That the power to tax involves the
power to destroy.” McCulloch v.
Maryland 17 U.S. 316, 431 (1819).
Phil Murphy, an
ex-Goldman Sachs multi-millionaire, wants to add well over $75 billion in
spending to New Jersey’s current $35 billion budget. Murphy admits that he wants to raise the
taxes on Garden State taxpayers by $1.3 billion, even though they are already
the highest taxed people in the country.
But Murphy does not explain how he will pay for the rest of his well
over $75 billion spending plan.
His
grandiose spending plans include government-run healthcare system. Not only would his plan put Trenton bureaucrats
between you and your doctor, destroy our current healthcare system and result
in rationing healthcare, but it has been estimated to cost $65.5 billion and
will go up every year going forward.
Some of Murphy’s
other spending proposals include up to $2 billion for Pre-K across the state
and $1 billion more for K-12 spending.
Even if you like the idea, the question remains: will the increase just
go to the Abbott Districts or will it be distributed fairly to all districts in
the State? Murphy also wants $430
million more for higher education; $466 million more for affordable housing tax
credits, $23 million in new affordable housing funds, and $400 million for more
NJ transit funding.
Murphy has
other schemes that are clearly intended to buy him votes, but that the
taxpayers of New Jersey cannot afford, such as forgiving student loan
debt. The students will love it, but the
taxpayers can’t afford to pay for it.
Murphy also
has a New Jersey Public Bank scheme, that would be capitalized by taxpayers’
funds or by issuing new debt, which would have to be paid back with interest by
taxpayers later. Will Murphy use the
“Community Reinvestment Act” standard of making loans to people who can’t pay
them back? This sounds like a New Jersey
version of Fannie and Freddie that had to be bailed out by the taxpayers to the
tune of about $187.5 billion.
Murphy said
he would update government technology, estimated to cost over $100
million. Previous attempts to up-grade
technology systems for the NJ DMV, Medicaid, food stamps and other social
services had not been successful.
Murphy wants
to fully fund New Jersey’s pensions.
However, without reforms, such as finally ending double-dipping,
increasing the employees’ contributions and/or raising the retirement age,
Murphy’s plan will saddle New Jersey taxpayers with an estimated $83 billion.
Other
schemes that Murphy has purposed include (1) declaring New Jersey a sanctuary
State, putting $15 billion in federal funds at risk; (2) spending an extra $20
million in Open Space Funding, when New Jersey already has a substantial amount
of open space; (3) expanding the earned income credit, estimated at a cost of
$70 million; (4) creating a state retirement plan for small businesses, when
the state’s current pension plan has a shortfall of some $83 billion; (5)
increasing state funding for R & D, which has been defeated in the past
because it should be left to the private sector; and (6) providing high speed
internet for everyone in New Jersey, which is another business that should be
left to the private sector. You can go
to www.murphy4nj.com for many other unrealistic and unaffordable ideas that
Murphy has.
For more in-depth
analysis of Murphy’s promises and proposals see, “New Jersey Can’t Afford Phil Murphy:” “Goldman Sachs Millionaire
Phil Murphy Has Proposed Over $75 Billion In New Spending If Elected, Forcing
Massive Tax Hikes On All New Jerseyans,” Save
New Jersey, https://savejersey.com/wp-content/uploads/2017/07/NJ_Can_t_Afford_Phil_Murphy_final-1.pdf, 5/17/2017.
If New Jersey residents do not want to be forced to flee the state
to avoid the tsunami of taxes to pay for all of Murphy’s spending plans, they had
better elect Kim Guadagno. The people of
the Garden State need to keep Kim Guadagno working
hard to promote economic growth, attract many more businesses to start or move
to the Garden State, create job opportunities in New Jersey, reduce
unemployment, improve education, increase school choice, reduce poverty and
crime, reduce property taxes, and other taxes in New Jersey, and make the
Garden State a wonderful place to live, work and raise children. New Jersey voters must elect Kim Guadagno
Governor on Tuesday, November 7, 2017, so that they can continue to
enjoy the beautiful lakes, beaches, mountains and wonderful communities that
New Jersey has to offer.
