William Richardson and William Hurley

Cap 2.5 is a constitutional amendment that will create a 2.5% cap on the increase in the property tax levy by municipal, school and county taxes and a 2.5% cap on spending for state government operations. The levy cap under current law has been ineffective in imposing fiscal discipline and holding down property taxes. The 2.5% New Jersey cap levy would be adjusted for increases in ratable's and local entities that do not spend up to the levy cap would be allowed to "bank" the extra levy and use it in subsequent years. Local governing bodies could ask their voters to exceed the cap levy through referenda.

WILLIAM RICHARDSON & WILLIAM HURLEY  stand firmly in support of Cap 2.5  This legislation will finally rein in out of control spending, which our state has long endured under both Democratic and Republican administrations. We believe Cap 2.5 will help limit the size of government. It will also help curb the State, Municipalities, Counties and School Boards from giving outrageous contract increases during these tough financial times. Together we further believe that Cap 2.5 will revitalize New Jersey's stagnant economic growth. Cap 2.5 will bring back business to New jersey. This increased economic growth will mean lower unemployment and higher State,County, Municipal and School Board revenues These increases will allow New Jersey to eliminate the crushing debt over the coming years and also reduce property taxes. Our state has relied on to many one time fixes which have driven us further into debt and allowed run away property taxes. The time for realistic budgeting and accountability is long overdue. We urge all residents to contact their Municipal, County,School Board and state elected officials to voice their support for Cap 2.5. This is the time to put asides poliyical differences and do everthing possible to reverse our financial crisis, burdensome property taxes and out of control spending once and for all.

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