Reaganomics in Jersey: Jack Ciattarelli has a supply-side dream if he’s elected governor this week

Republican gubernatorial candidate Jack Ciattarelli has proposed a supply-side economic plan for New Jersey, inspired by Reaganomics, which includes significant tax cuts and a drastic reduction in state spending. If elected, Ciattarelli aims to slash state spending by 30%, approximately $17 billion of the $58.7 billion budget. This would involve eliminating the millionaire's tax and lowering business taxes, the latter of which would remove funding for New Jersey Transit. Concurrently, he pledges to increase public employee pensions and boost state aid for special education, initiatives projected to cost billions. Ciattarelli's strategy hinges on streamlining state government and fostering economic growth, believing that increased tax revenue from a stronger economy will offset the proposed tax cuts and spending increases. He argues that the current budget under Governor Phil Murphy has expanded significantly, suggesting ample room for cuts. However, critics, including budget analysts, question the feasibility of achieving a 30% spending reduction without severely impacting essential state services and programs. Key tax cut proposals from Ciattarelli include a phased reduction in the corporate tax, a decrease in the top income tax r... download the app to read more