Assembly Speaker Vincent Prieto gave a strong endorsement Wednesday of the tax and economic development reforms enacted over the last seven years in New Jersey and said he hopes they will be continued by the next Governor.
Speaking before about 50 member companies at NJBIA’s Meet the Decision Makers event , Prieto cited the recent phase-out of the estate tax and the increase in the income tax exclusion for pension and retirement , which were enacted just last year, as well as tax reforms dating back to 2011, including the increased flexibility to offset income with business losses.
“All of these things have given help to businesses,” Prieto said. “It would be counterproductive for us to go back and pull the rug out from anybody.”
Prieto said he and many lawmakers recognized that if they raised the gas tax to support transportation, they also needed to provide tax relief to offset it. New Jersey had the lowest estate tax threshold in the country and was No. 1 in retirement taxes, so it made sense to cut those.
“There’s a lot of things we’re ranked No. 1 in that we don’t want to be No. 1 in,” Prieto said.
Lawmakers are also dealing with a new administration in the White House that is making dramatic changes. Prieto said that his staff briefs him once a week on federal issues and how they would impact the state. So far, it’s mixed.
“There are some things that sound great, and there are some things that don’t sound too great,” Prieto said. “It’s a balancing act.”
President Donald Trump’s pledge to dramatically increase spending on infrastructure could benefit the state by creating jobs. Repealing the Affordable Care Act, however, could be detrimental. The expanded Medicaid funding, for instance, provided healthcare for 500,000 New Jersey residents that didn’t have it before, Prieto said.
I hope the next Governor undoes the mess Prieto and his crew created. The middle class was not helped by this monstrosity he calls tax reform. Higher fuel costs, pension exclusions that only state workers can utilize, and elimination of the estate tax which only serve the wealthy (who no doubt will be leaving this state in droves) by no means helps the working class. The best thing that could happen in November is voting out incumbents in favor of politicians more concerned about the people they serve.
I could not agree more with the comments of Chris. Honestly, Mr. Prieto is delusional if he is under some kind of belief that tax reforms have helped move this state forward in any way whatsoever. Put a microphone in front of a politician, and this is what you get. Maybe NJBIZ should consider doing a piece on Mr. Prieto “UNMASKING” all of the personal wealth he has created being employed by government – both directly and indirectly.
Speaker Prieto has three public jobs and does consulting
Posted on August 6, 2014 by Bob Ingle
You have to wonder when new Assembly Speaker Vincent Prieto has time to sleep. He is a code inspector who holds three public jobs. Plus, reports the Star-Ledger, Prieto is now consulting for private clients, including a Camden County-based firm whose owner is a major donor to South Jersey Democrats. Reporter Matt Friedman writes that Prieto, a Democrat from Hudson County — far north of Camden County — declined to say what kind of consulting work he’s doing. He confirmed one of his clients is All Risk Property Damage Experts, a disaster recovery firm that employs state Sen. James Beach, a Camden County Democrat.
“Prieto, 53, is the code official for Secaucus and the construction official in nearby Guttenberg. Those two jobs, combined with his $65,000 salary as speaker, earn him well over $200,000 a year,” Friedman reports.
As a business owner and commercial property owner I feel that I live in a different N.J. Then or fearless leaders in Trenton just what we need another 300 M to fix it I think it might be time to move my company to PA. Your truly John R.