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New Jersey Tax Idea Won't Die10 June 2003NEW JERSEY – As reported by the Press of Atlantic City: “Gov. James E. McGreevey's proposal to tax the Atlantic City casino industry was a day old when Sen. Bill Gormley, in a conference call with investors, boldly and emphatically pronounced the plan dead. “More than four months later, with the state budget set to be adopted by June 30, the casino-tax proposal continues to show signs of life. The Legislature will decide whether the tax - which accounts for less than .35 percent of the budget - lives or dies. “The governor's office, upset at Casino Association radio ads attacking McGreevey, has started to criticize casino executives as greedy millionaires unwilling to contribute their fair share to the state during a time of fiscal crisis. Southern New Jersey Democrats say the casino ads are counterproductive and, with the casino-tax proposal now cut by one-third, they also appear to be softening in their opposition to the tax hike. “…Gormley and the Casino Association insist, as they have from the start, that the governor's proposal to raise the casino revenue tax from 8 percent to 10 percent leaves little compromise room for an industry on the brink of a growth spurt. “The administration's recent offer to cut the bottom line on the tax proposal from $135 million to $90 million made little impression on casino executives, who note they pay a higher percentage of taxes than all other industry in the state. Casinos are the only state industry to pay a revenue tax. “…The Casino Association is considering a new print ad that would rehash anti-casino-tax quotes from several southern New Jersey Democrats…” |