Sometimes, it seems the biggest taxpayer victories are the bills that don’t go to a vote.
Late Tuesday night, despite being on the Senate calendar, New Jersey’s Climate Superfund bill (S. 2338) did not receive a floor vote. Supporters said this proposal would be a way to make large fossil fuel companies pay for climate-related costs. But taxpayers welcome this pause as an opportunity for legislators to reconsider a policy that would undoubtedly make life more expensive for the families the legislation claims to help.
The politics of this issue may seem clear: target unpopular corporations and promise relief to everyone else. But taxpayers are wise to this all-too-familiar scheme.
Businesses simply won’t absorb billions of new dollars in new liabilities. They respond. They’ll raise prices, reduce investment, delay expansion, or shift costs. But they won’t eat them alone. With higher utility bills, more expensive fuel, increased shipping costs, or higher grocery store prices, working families will pay.
As National Taxpayers Union has said previously, and as we argued to senators before the delayed vote, the Climate Superfund risks making middle-class families pay for costs they neither created nor can afford right now. Instead of improving affordability for families, it will make things worse. (Read our earlier analysis here.)
Luckily, New Jersey lawmakers have another opportunity. As election season comes up, voters want something rare from the state government—lower costs, stronger economic growth, and real reasons to believe tomorrow might be more affordable.
So, policymakers ought to focus on policies to attract employers instead of driving investment away. That means eliminating unnecessary regulations and burdens that make it harder to ship, build, hire, and innovate. To do this, they ought to pursue meaningful tax relief so hardworking families can keep more of what they earn, not create new ways to ultimately raise consumer prices.
The Senate’s decision not to move S. 2338 this week should be viewed as a chance to now reset the conversation, and New Jersey lawmakers should take it.