In a blog post a few weeks ago we said if you want to see the future of New Jersey take a look at New York not realizing that reality would come so quickly. New York Governor Cuomo acknowledged that raising taxes was not the answer to his state’s budget shortfall saying “tax the rich, tax the rich, tax the rich. The rich leave and now what do you do?” Will Governor Murphy acknowledge that he cannot continue to raise taxes in the state that is already among the highest taxed in the nation and the #1 state that people leave?
Governor Andrew Cuomo announced on Monday that New York is facing a $2.3 billion budget deficit after just last week he released his $175 billion budget proposal. “The budget we put forward is not supported by the revenues” Cuomo said. Comptroller Thomas DiNapoli referred to the unprecedented deficit as “the most serious revenue shock that the state has faced in many years,” adding that he believes it will “get worse before it gets better”. If you want a crystal ball to see what the future holds for New Jersey under Governor Murphy all you have to do is look at New York.