New Jersey residents may soon be facing a tax increase, as lawmakers consider raising taxes in order to make up for a budget deficit. The potential tax hike comes as the state struggles to balance its budget amidst the ongoing pandemic.
The proposal to increase taxes has been met with mixed reactions from residents, with some arguing that it is necessary to ensure essential services are adequately funded, while others worry about the financial burden it will place on already struggling families.
In addition to the potential tax increase, New Jersey lawmakers are also considering banning prop bets on college sports. Prop bets, which are wagers made on specific outcomes within a game, have become increasingly popular in recent years. However, some lawmakers believe that allowing prop bets on college sports could lead to corruption and manipulation of games.
If the ban on prop bets is passed, New Jersey would join a handful of other states that have already implemented similar restrictions. While some argue that the ban is necessary to protect the integrity of college sports, others fear that it will drive bettors to illegal, unregulated betting markets.
Overall, the proposed tax hike and potential ban on college prop bets have sparked heated debates among lawmakers and residents alike. As the state grapples with challenging economic conditions and the impact of the pandemic, finding a balance between generating revenue and protecting the integrity of sports betting will undoubtedly be a complex and ongoing challenge.