Here’s what Sherrill’s treasurer said about tax hikes

TRENTON — Acting New Jersey State Treasurer Aaron Binder told the Senate Judiciary Committee on Monday that tax increases are “not part of an affordability agenda,” signaling that Gov. Mikie Sherrill’s new administration does not plan to pursue tax hikes to close the state’s looming budget gap.

Senate Panel Unanimously Advances Binder Nomination

Binder, Gov. Sherrill’s nominee to be the next full state treasurer, received unanimous bipartisan support from the Senate Judiciary Committee to advance his confirmation to the full Senate. Lawmakers from both parties praised his deep institutional knowledge.

Budget Shortfall Looms

Binder underscored that New Jersey faces a significant structural deficit — a situation in which recurring spending outpaces recurring revenue. He noted that the current $59 billion spending plan is already set to outstrip tax receipts by about $1.5 billion this fiscal year, with the gap potentially widening next year unless changes are made.

“Tax increases are not part of an affordability agenda, so we have to look at other ways to solve this problem,” Binder told senators during his testimony.

Lawmakers pressed him on how the administration plans to navigate these pressures without raising taxes. Binder said state departments have been asked to identify potential cuts and opportunities to maximize existing revenues.

Countdown to Sherrill’s Budget Address

The budget shortfall will be a central issue when Gov. Sherrill delivers her first budget proposal to the Legislature later this month. Just when that will happen remains unclear.

Her budget address is scheduled for Feb. 24, as required by state law. However, first-term governors have historically been granted extensions.

Politico reported Sherrill’s office is currently coordinating with legislative leaders to set the exact date, but it will likely be on March 10.

Report a correction 👈 | 👉 Contact our newsroom