Much like the last few Indiana Jones movies, StayNJ probably shouldn't have been made.
Democrats plan to redistribute wealth to the wealthy overcame a major obstacle this week when House Speaker Craig Coughlin and crew offered some minor concessions to the most objectionable parts of the StayNJ program. The plan originally would have offered tax cuts to senior homeowners regardless of income and cut out renters all together, the new deal caps income at $500,000 and throws a small bone to renters.
StayNJ is more than just a naked give away to suburban senior voters in an off-year election, it’s a treasury time bomb. The coffers are full now, but that’s probably not going to be the case in the very near future. Revenues are trending lower and that’s expected to continue for the next few years, and the Covid relief funds that fattened our wallet for the past few years are done.
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