Mr. Affuso provides legal opinions and analysis of proposed and pending legislation that affects the New Jersey banking industry. He also manages relationships with both federal and state legislatures on behalf of the New Jersey Bankers Association. Michael touched on the key legislative issues affecting state and local governments. He believes that proposed increases in the state gas tax are certainly on the way, but “How much?” is the question. He noted that increases in the estate tax, the “millionaires” tax and pension reform will serve as key factors legislators will use to lower the significant state budget deficit. He cautioned that the electorate will not support a tax increase to fund the state’s deficit without a tangible benefit to the state’s taxpayers. Michael discussed the significant redistribution of property taxes by New Jersey townships to county, state and education makes it difficult to determine the cost of services to taxpayers. He also noted how the comingling of tax revenues collected for specific purposes represents a “complete breach of public trust” and a “complete lack of accountability”.

Michael described the current state of affairs regarding Atlantic City as “planning gone catastrophically wrong”. He stated that a declaration of bankruptcy is not a viable option and he feels that a bailout or takeover is the most likely solution. Michael shared his opinions regarding the upcoming state elections. He concluded by stating that the “big winner” in the presidential election will likely be “Fox News, CNN and the other news channels!”