Rep. Josh Gottheimer, who is running for governor this year, discusses his tax cut plan in Park Ridge on Jan. 22, 2025. (Photo by Danielle Richards for New Jersey Monitor)
Rep. Josh Gottheimer, one of six Democrats hoping to win their party’s nomination for governor in June, visited the Park Ridge headquarters of a snack maker Wednesday to pitch his plan to lower taxes for New Jerseyans.
Gottheimer (D-05) proposed temporary tax cuts for people who move here from states where property taxes are lower, annual rebates for renters, and income tax credits for New Jersey seniors.
“I’m hoping that will help people who are here to stay here and afford to not go to places like North Carolina or Florida or, God forbid, New York, by bringing in new residents and keeping our older ones here,” he said.
Gottheimer launched his gubernatorial bid in November pledging to lower taxes. The plan he released Wednesday offered a few more details on how.
He said he would target government inefficiency, claiming he could find $2.4 billion that would help offset property tax cuts. He pledged to lower everyone’s property tax bills by 14%.
Gottheimer said he would award a $500 annual credit to the state’s roughly 1.2 million renters to offset their housing costs.
He also pitched making New Jersey a “property tax-neutral state.” He said for homeowners who move here from another state, New Jersey would match the property taxes they paid in that state (that tax cut would phase out over five years).
“So if you’re paying .91% to live in Florida, your property taxes, we’re going to match it,” Gottheimer said. “For the average American moving here from a lower-tax state, that is a lot of money. And that’s a lot of other states, by the way, that have lower rates.”
Other features of Gottheimer’s tax plan include cutting “red tape” to make it easier for developers to build more housing, a family tax credit for every New Jersey family with dependents, and a $5,000 tax credit for every new job created by a business that moves to New Jersey.
He also plans to create a new role in Trenton — the “clawback czar” — focused solely on bringing more federal dollars to New Jersey. Gottheimer has long griped that New Jersey receives too little back from the federal government (he says it’s about 75 cents for every dollar sent to D.C.).
“Fighting for what’s ours will save us at least $200 million a year, if not more,” he said.
Gottheimer is part of a crowded Democratic primary field for governor that includes Newark Mayor Ras Baraka, Jersey City Mayor Steve Fulop, Rep. Mikie Sherrill, former state Sen. Steve Sweeney, and teachers union leader Sean Spiller. The Republican field includes state Sen. Jon Bramnick, ex-Assemblyman Jack Ciattarelli, former state Sen. Ed Durr, and radio host Bill Spadea.
Gov. Phil Murphy is barred from seeking a third term in November.
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