How a Temporary Decrease in NJ’s Gas Tax Could Lower Prices at the Pump
New Jersey reportedly has the fourth highest gas tax in the nation. While the Garden State continues to pay over $4 a gallon at the pump, lawmakers are turning their attention towards temporarily lowering that tax.
So, could it work? And, how long would it take to actually make a difference to our wallet?
Democratic State Senator Shirley Turner, of Mercer County, plans to propose a 60-day, temporary rollback in the New Jersey gas tax in the hopes the savings would translate to less expensive fuel costs for consumers, according to NJ.com.
Seeing the 'empty' light come on in the car these days puts a pit in my stomach, knowing that I'll be in sticker shock when I hit the gas station to fill up. That's because gas prices are double what they were this time last year, AAA reports.
There are most certainly drivers in the Garden State who are feeling the pinch, possibly choosing whether or not to pay a utility bill or shop for groceries versus putting gas in their ride. It's a hardship.
It's a harsh reality that's not gone unnoticed by Sen. Turner. She tells NJ.com, 'When gas prices increase, it has a ripple effect throughout the economy and increases the costs of everything else at a time when crushing inflation is already causing many people to make sacrifices and forgo even basic necessities, such as food and medicine.'
Gloucester County's Sen. Edward Durr [R] offered his own idea for easing the financial burden being placed on families by the high cost of fuel. Durr reportedly proposed a $250 to $500 tax credit that would immediately be paid to residents on New Jersey.
But some representatives reportedly have concerns that lowering the gas tax could take valuable resources away from repairing state roadways. I get that, to a degree, but we need help NOW, in my opinion. What are your thoughts?
Either way, NJ Governor Phil Murphy would have to sign off on a temporarily lowering of the gas tax, and there's no sign yet that's on his short-term docket, so it could still be a while before we feel some relief.