Transportation Trust Fund sparks tax debate at N.J. Business Summit

Appearing all together on a panel Friday morning at the New Jersey Business Summit in Atlantic City, the state’s four legislative leaders agreed that a gas tax is inevitable to help fix the depleted Transportation Trust Fund.Assembly Minority Leader Jon Bramnick (R-Westfield) went as far as to say that he’s “ready to vote on a tax increase on gas today,” adding one condition: That the Legislature moves towards eliminating the state’s estate and inheritance taxes.

“I’m linking them together,” said Bramnick, prompting some disagreement from his Democratic counterparts.

Asked by Bramnick why they won’t pledge to commit to post a bill eliminating the estate and inheritance taxes, Senate President Steve Sweeney (D-West Deptford) and Assembly Speaker Vincent Prieto (D-Secaucus) said that, while they’re not opposed to additional reforms, the two shouldn’t be connected.

“They don’t need to be tied and they shouldn’t be tied. … We agree that the estate tax is a problem and the inheritance tax is a problem,” said Sweeney.

While connecting the two would address the TTF’s needs, it would also pull over $400 million away from the general fund, Sweeney and Prieto said.

Prieto added that he’s “willing to negotiate.”

Sweeney said that a big key to fixing the TTF will be ensuring that the funding source is dedicated and locked in. That will make the public more trusting of a tax, he added.

“We need to dedicate our dollars to what they’re raised for,” Sweeney said.

Bramnick said the issue at hand is simply part of New Jersey’s larger problem with high taxes, telling those in attendance that the only long-term solution is to vote out the Democrats currently in leadership positions.

“It is time to change the Legislature, despite the fact that I love these guys,” Bramnick said, making a tongue-in-cheek reference to Sweeney and Prieto sitting nearby.

“I appreciate bipartisanship … but if things aren’t right, you change stuff,” Bramnick said.

The comments sparked some pushback from the Democrats and panel moderator, Eric Scott of New Jersey 101.5 FM.

“If you want to make this a political thing, we can make it a political thing,” Prieto said to Bramnick.

The panel also spent some time covering the topic of investments in higher education and vocational training.

Referencing some of the work that has already been done in those fields and others, Senate Minority Leader Tom Kean Jr. (R-Westfield) noted there’s room for compromise and collaboration.

“We can do some things on a bipartisan basis,” Kean said.

The panel closed the two-day event at Borgata hosted by the New Jersey Chamber of Commerce and other regional chambers and trade organizations.