Sweeney, Sarlo, Oroho, Greenwald Unveil Legislation to Fix Fiscal Crisis and Cut Property Taxes

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Trenton — Senate President Steve Sweeney, Senators Paul Sarlo and Steve Oroho and Assembly Majority Leader Lou Greenwald today unveiled a package of “Path to Progress”  bills designed to fix New Jersey’s fiscal crisis, restore the stability of the pension system and save tens of billions of dollars for taxpayers.

“The Path to Progress is the path to real, sustainable tax relief in a state with the highest property taxes, the second-largest unfunded pension liability, the second-worst credit rating, and the fifth-highest overall tax burden in the nation,” said Senator Sweeney (D-Gloucester/Salem/Cumberland). “These reforms can have an historic impact that will produce an unprecedented amount of sustained savings. They will help make New Jersey more affordable, especially for hard working middle class families.

“If we fail to act, property taxes will continue to go up, and pension, health benefits and debt service will continue to eat up every penny of state revenue growth over the next three years, crowding out our ability to make the investments we need to make to increase aid to growing school districts, expand preschool, fix NJ Transit, make college affordable and provide funding for social service programs that serve our most vulnerable citizens,” he said. “We need to have the courage to make the right decisions and take the actions that are best for New Jersey’s future.”

The legislation introduced today was developed by the bipartisan Economic and Fiscal Policy Workgroup of economists, academics, government experts and legislators put together by Senate President Sweeney and