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.