By Jim Pytell, Managing Editor On Sep 21, 2025 \n\nWith the New Jersey gubernatorial race entering its final stretch, Republican candidate Jack Ciattarelli and Democratic contender Mikie Sherrill squared off in their first general election debate Sunday night, laying out contrasting visions for addressing the state’s pressing economic issues, including cost of living, energy prices, and fiscal management. \n\nThe 90-minute event, hosted by the New Jersey Globe, On New Jersey, and Rider University, adopted a town hall format featuring questions from students, faculty, alumni, and community members. \n\nAffordability emerged as a central theme, with both candidates vying to convince voters that their approach best serves one of the nation’s most expensive states. Ciattarelli proposed eliminating taxes on all retirement income, freezing property taxes for residents aged 70 and older, and allowing seniors to fully deduct property tax payments on their state returns. He also advocated for making the first two years of post-college income tax-free to encourage young professionals to remain in New Jersey. \n\n”We must reduce both income and property taxes—the heaviest burdens on households,” Ciattarelli stated, pointing to Pennsylvania’s 3% flat income tax as a model, compared to New Jersey’s top rate of 10.75%. He noted that Pennsylvania homeowners pay approximately $3,000 less annually in property taxes. \n\nCiattarelli also emphasized reforming school funding, arguing that a fairer allocation of state education aid could help alleviate local property tax pressure. \n\nSherrill, who has pledged to publish easy-to-understand budgets and launch a New Jersey Report Card to evaluate program performance, stressed the importance of financial transparency. \n\n”Taxpayers deserve to know how their money is spent,” she said. “Accountability should not be reserved for political insiders. Everyone should be able to understand the state budget and track where funds go.” \n\nOn affordability, she voiced support for existing initiatives like the Stay NJ and ANCHOR property tax relief programs. \n\n”I will manage your tax dollars responsibly,” Sherrill affirmed. “My goal is to reduce costs across the board and ensure our children have strong opportunities right here in New Jersey.” \n\nRegarding rental prices, Sherrill pledged to combat pricing collusion and increase housing supply. \n\n”I will take action to lower rents by ending anti-competitive practices and expanding inventory so families across the state can find affordable options,” she said. \n\nCiattarelli attributed rising rents to increasing property taxes, insurance premiums, and energy costs. \n\n”The insurance market lacks competition,” he noted. “New Jersey’s business climate has driven companies away. We need to attract more firms, especially in insurance, to improve affordability.” \n\nHe also committed to withdrawing from the Regional Greenhouse Gas Initiative (RGGI), claiming the move could save $500 million in electricity costs immediately. \n\nOn energy, Sherrill vowed to declare a State of Emergency on utility rates upon taking office to halt rate increases. She outlined a long-term strategy to diversify New Jersey’s energy portfolio by investing in cheaper, cleaner generation, expanding storage, and upgrading natural gas infrastructure for greater efficiency and reduced emissions. \n\n”We must generate more power within our borders,” Sherrill asserted. \n\nShe also proposed stronger oversight of utility providers and PJM, the regional grid operator, to ensure accountability. \n\nCiattarelli criticized Governor Phil Murphy’s clean energy policies, particularly offshore wind, which he claimed are too costly and incapable of meeting the state’s energy demands. \n\n”Offshore wind won’t solve our energy needs and will burden ratepayers,” Ciattarelli said, adding that he would make the Trump-era pause on wind farm development permanent. \n\nIn her closing remarks, Sherrill reiterated her commitment to lowering everyday expenses. \n\n”I will keep working to reduce utility, housing, and energy costs at every level,” she said. \n\nCiattarelli concluded by emphasizing the need for transformative leadership. \n\n”We need a hands-on governor who acts like a CEO,” he said. “I will carefully reduce government size and spending to fund tax relief for residents and businesses. I believe we can restore New Jersey’s economic strength.” \n\nTo access more business news, visit NJB News Now. \n\n— news from New Jersey Business Magazine\n\n— News Original —\nCiattarelli and Sherrill Present their Economic Case to NJ Voters in First Debate\nBy Jim Pytell, Managing Editor On Sep 21, 2025 \n\nWith the New Jersey gubernatorial election less than two months away, Republican Jack Ciattarelli and Democrat Mikie Sherrill faced off in the general election’s first debate on Sunday night, with each candidate presenting their plan to tackle some of New Jersey’s biggest economic challenges, including: affordability, energy costs, and government spending. \n\nThe 90-minute debate, sponsored by the New Jersey Globe, On New Jersey, and Rider University, featured a town hall-style format with questions from students, faculty, parents, alums, employees, and community members from Rider. \n\nUnsurprisingly, the topic of affordability was a major theme of the night, with both candidates attempting to convince voters that their path forward is the correct one for one of the least affordable states in the country. \n\nCiattarelli said that if he is elected governor, he would aim to make all retirement income tax free, freeze property taxes once individuals hit age 70, and allow seniors to deduct 100% of their property taxes on their New Jersey tax return. He also said that he would also look to make the first two years of income post-college tax free in order to help people get started in the state. \n\n“We need to lower the income tax and the property tax in the state. Those are the most burdensome taxes we pay,” Ciattarelli added, citing Pennsylvania’s flat tax of 3% on personal income compared to New Jersey’s highest bracket of 10.75%. He also pointed to Pennsylvania’s property taxes, which he said are about $3,000 less per-home than New Jersey’s. \n\nCiattarelli also highlighted his desire for a new school funding formula, saying that a more “equitable distribution of state aid to schools” would help to lower the property tax. \n\nSherrill, who has promised on her campaign website to publish “plain‑language budgets,” create a New Jersey Report Card to track whether state programs are meeting goals, and to give the public tools to monitor spending over time, talked about the need for transparency when it comes to how taxes are being used. \n\n“New Jerseyans need to know where their tax dollars are going,” she said. “They need accountability. They deserve accountability. You shouldn’t have to be a political insider to figure out how the state budget is running or where your money is going.” \n\nOn the topic of affordability, she added that she is a supporter of the existing Stay NJ property tax relief program, and the ANCHOR program. \n\n“I am going to be fiscally responsible with your money,” Sherrill said. “I’m going to drive down your costs at every level, and I am going to make sure your kids have great opportunities here in the state of New Jersey.” \n\nOn the topic of rent prices, Sherrill said that she wants to put a stop to pricing collusion. \n\n“I am going to drive down rental prices and end the collusion that goes on to drive them up, and will continue to bring more [inventory] to the market so that people will have better rental prices here across the state,” she said. \n\nCiattarelli pointed to rising property taxes, insurance and energy costs as the major culprits to the state’s rising rental prices. \n\n“From an insurance standpoint specifically, we need more competition,” Ciattarelli said. “We are such a bad state in which to do business that many businesses have left. We need to get more companies to come back here, [including those in the insurance industry].” \n\nHe added that if elected governor, he would also pull out of the Regional Greenhouse Gas Initiative (RGGI), which he said could save $500 million in electricity on day one. \n\nOn energy prices, Sherrill said that she is committed to declaring a State of Emergency on utility prices on day one in order to freeze rate hikes for ratepayers. \n\nSherrill said she wants to build out New Jersey’s energy arsenal to lower prices in the long term, including building new, cheaper, and cleaner energy generation, expanding storage capacity, and modernizing existing natural gas facilities to make them cleaner and more efficient. \n\n“We need to produce power here in our state,” Sherrill said. \n\nShe added that she would also require a new level of transparency and accountability from New Jersey utility companies, and the state’s grid operator, PJM. \n\nCiattarelli placed blame on Gov. Phil Murphy for the increase in energy prices, stating that the governor’s efforts to implement clean energy have backfired, specifically calling out offshore wind. \n\n“Offshore wind is never going to be able to meet our energy needs, and it is going to be very expensive,” Ciattarelli said, adding that he plans to make the temporary pause on wind farms put in effect by the Trump administration permanent. \n\nIn her closing statement, Sherrill emphasized that she has a plan to bring down costs. \n\n“I am going to continue to serve this state because I want to drive down your costs,” she said. “Whether it is utility costs, housing costs, or energy costs. At every level I am going to continue to work for you.” \n\nCiatarrelli focused on change. \n\n“We need a hands-on CEO governor,” he said. “I will responsibly and surgically reduce the size and cost of our state government to afford a tax cut for our citizens and businesses. I believe we can fix the state of New Jersey.” \n\nTo access more business news, visit NJB News Now. \n\nRelated Articles: