A tax credit program aimed at seniors, tilted towards the rich, and very expensive.
Gov. Phil Murphy threatened to shut down the state government over Speaker Craig Coughlin's tax rebate program for seniors. But he backed down after winning only minor concessions. One is to cut the cost of government, which is difficult. The other is to raid the treasury and throw a party, without offering any plan to cover the cost..
But Coughlin seemed to know that the governor was bluffing. Always the gentleman, the Speaker offered soothing words about compromise, then made only minor concessions. Here’s a look: ♦ There is more help for renters now, $250 a year on top of the $450 maximum benefit they can receive under the existing Anchor rebate program. Again, an improvement, but why give a wealthy homeowner $6,500 and a renter only about 10 percent as much? “It should be the other way around,” says Peter Chen of New Jersey Policy Perspective, a liberal think tank.
If the money is not there, then these rebates could disappear, as happened under former Govs. Jon Corzine and Richard Codey. Last week, a bipartisan panel of budget experts convened by former Senate President Steve Sweeney“There’s no way the state could support the extra spending proposed under StayNJ,” said Richard Keevey, a straight numbers guy who served as a senior budget officer for governors in both parties, referring to Coughlin’s original plan.
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