ASSEMBLY RESOLUTION No. 95

 

STATE OF NEW JERSEY

 

INTRODUCED MAY 13, 1996

 

 

By Assemblymen CARROLL, BUCCO, Gregg, Garrett, Assemblywomen Crecco, Wright, Assemblymen Geist, Blee, Corodemus, Arnone, Augustine, Asselta, Gibson, LeFevre, DeSopo, Assemblywoman Bark, Assemblymen O'Toole, Bagger, Roma, DeCroce, Assemblywoman Farragher, Assemblymen Bateman, Rocco, Connors, Holzapfel, Wolfe, Cottrell, Malone, Assemblywomen Heck, J. Smith, Assemblymen Bodine, DiGaetano, Kelly, Zecker, Lance, T. Smith, Weingarten, Assemblywoman Allen, Assemblyman Kramer, Assemblywoman Myers, Assemblymen Azzolina, Stuhltrager and Felice

 

 

An Assembly Resolution marking May 18, 1996 as New Jersey Tax Freedom Day and praising the efforts of the Legislature and Governor Whitman to reduce taxes in New Jersey.

 

Whereas, National Tax Freedom Day is the day in each year by which average American citizens have earned enough to pay-off their taxes and begin to spend money on other goods and services; and

Whereas, Due primarily to increased tax rates imposed by President Clinton and Congressional Democrats, Tax Freedom Day nationally has been falling on a later date in recent years, moving forward from April 30 in 1992 to May 2 in 1993, to May 4 in 1994, to May 7 in 1995 and, although falling on May 7 again in 1996, it actually falls a day later than in 1995 because 1996 is a leap year; and

Whereas, New Jersey's Tax Freedom Day in 1996 is May 18, two days later than in 1995, when it fell on May 17; and

Whereas, In 1996, an average New Jerseyan will work 139 days in the year to pay taxes, 91 days of which will be worked to pay federal taxes and 48 days will be worked to pay State and local taxes; and

Whereas, Calculated on a per capita income basis, New Jerseyans will spend $12,033, or 37.8%, of their income on taxes in 1996: $7,925, or 24.9%, will be allotted to federal taxes and $4,108, or 12.9%, will go towards State and local taxes; and

Whereas, Huge income and other tax increases passed by Governor Florio and the Democratic Legislature substantially pushed back Tax Freedom Day in New Jersey and have imposed upon the taxpayers of New Jersey a substantially higher tax burden than that under which taxpayers in other states labor; and

Whereas, Efforts by the Republican Legislature and Governor Christine Todd Whitman to substantially cut income, sales and other taxes have eased the tax burden on New Jersey taxpayers, have resulted in making Tax Freedom Day fall earlier than otherwise, and will result, in the future, in bringing Tax Freedom Day in New Jersey more in line with the national average; now, therefore,

 

    Be It Resolved by the General Assembly of the State of New Jersey:

 

    1. This House marks May 18, 1996 as Tax Freedom Day and urges the State's citizens to commemorate this occasion by better informing themselves on the extent to which the citizenry is burdened by taxes, which are still substantially in excess of the national average.

 

    2. This House applauds the efforts of the Legislature and Governor Christine Todd Whitman to reduce the sales, income and other State taxes and to accelerate the date upon which Tax Freedom Day falls.

 

    3. A duly authorized copy of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the Governor of the State of New Jersey, Christine Todd Whitman.

 

 

STATEMENT

 

    Tax Freedom Day is the day on which the average American has finished paying off federal, state and local taxes and is now free to purchase other goods and services. Tax Freedom Day, regularly calculated and reported by the nonpartisan, nonprofit research and educational organization, Tax Foundation, is calculated nationally and by state. Nationally, Tax Freedom Day in 1996 is May 7. Tax Freedom Day in 1995 also fell on May 7, but because 1996 is a leap year, this year's date is actually one day later than last year's.

    State Tax Freedom Days often vary significantly from the national date because of differing state and local tax rates. In 1996, New Jersey's Tax Freedom Day falls on May 18. It fell on May 17 in 1995, but similar to the national date, 1996 was a leap year, so the 1996 date is actually two days later than the 1995 date. In 1996, an average New Jersey citizen will work 139 days of the year to pay taxes. Ninety-one of the days will be worked to pay federal taxes and 48 days will be worked to pay State and local taxes. On a per capita basis, New Jerseyans will spend $12,033, or 37.8%, of their income on taxes in 1996; $7,925, or 24.9%, will be allotted to federal taxes and $4,108, or 12.9%, will go towards State and local taxes.

    This resolution marks May 18, 1996 as New Jersey Tax Freedom Day and encourages New Jersey citizens to better inform themselves on the extent to which they are burdened by taxes. The efforts of the Legislature and Governor Christine Todd Whitman to lower New Jersey's sales, income and other States taxes should have the effect of moving back the date on which New Jersey Tax Freedom Day falls, all other factors remaining constant. This resolution applauds these efforts to reduce the tax burden on New Jersey citizens.

 

 

                             

 

Marks May 18, 1996 as New Jersey Tax Freedom Day.