the state's overall Financial condition is looking a little concerning lawmakers today heard from Top New Jersey fiscal analysts about those updated Revenue forecasts shaving off more than a billion dollars then initially predicted prompting a number of groups to protest today in Trenton demanding officials continue taxing wealthy corporations to make up for the struggles facing more Working Families senior correspondent Brenda Flanagan reports while progressives protested outside the State House demanding more tax revenues to benefit Working Families lawmakers inside heard budget experts predict New Jersey is going to take a revenue hit the state will collect almost two billion dollars Less in taxes over the next couple years than they originally forecast the nonpartisan office of legislative Services explained a slowing economy dragged down April tax filings and yet this is not the cataclysmic event it would have been 10 or 20 years ago revised OLS estimates for state revenue dropped 1.27 billion for the rest of this fiscal year and decreased 705 million dollars in the next totaling 1.97 billion however the lower estimates should not prompt lawmakers to get out their budget hatchets OLS advised today's news of a 2 billion projected decline relative to our last forecast does not automatically require hot budgetary choices through the end of June our downward revision today might therefore signal the end of the period of exuberance but it does not Herald a round of gloom and doom State Treasurer Elizabeth mayor moyo Echo that guarded optimism pointing to New Jersey's Surplus treasury will revise it downward by a couple billion dollars to 7.9 billion to account for lower tax collections recalling the Great Recession lawmakers wanted assurances it just took New Jersey a lot longer to be able to get out of where we were just because of all this flashing we had to do correct so if we if we maintain a certain level that then were able to keep people employed some money back into the economy we should if we have to go through a storm be able to come out of it a lot quicker than we did previously correct it's not great news the April returns but we could all sleep at night knowing that we had done our job and built in enough of a surplus that we could weather it the treasurer said that Surplus remains a cushion against any potential Fallout in the event the national debt ceiling deadlock isn't resolved the repercussions financially for us and for every state will be could be very severe and long-term because just the reputation of the the U.S dollar and and our credit is going to take a hit worldwide which is going to affect New Jersey we have a lot of high income earners in this state we're heading into a moment where Federal funding for for the pandemic is winding down that's why a coalition of lobbyists demanding Governor Murphy should not allow a 2.5 percent surcharge on the corporate business tax to expire on December 31st they unrolled a 534 foot scroll showing 25 billion dollars in annual corporate profits to end the surcharge is to give Mega corporations a major tax cut this is a line in the sand moment right are they going to stand with Amazon or are they going to stand with New Jersey Working Families right and in this moment where people have lost Breadwinners to covid the rent has an all-time high groceries at an all-time high the state is running this taking this massive risk to Forfeit more Revenue Governor Murphy has said he'll stand by the deal he made to let that surcharge expire New Jersey must pass a balanced budget by July 1st in Trenton I'm Brenda Flanagan and J Spotlight news [Music] [Music]