For The Many NJ: Big Business Lobby Shows Their True Colors by Backing Tax Cut for Amazon and Walmart

Today, the world’s most profitable corporations and their New Jersey business lobby affiliates continued their campaign to keep their billion-dollar tax cut at the expense of New Jersey’s working families and public transit infrastructure. In response to today’s business lobby press event, the For The Many NJ coalition issues the following statement.

 

Eric Benson, Campaign Director, For The Many NJ:

 

“The big business lobby is showing their true colors by opposing this highly targeted tax on multinational companies like Amazon and Walmart. The Corporate Transit Fee would only apply only to businesses that earn more than $10 million in profits each year, representing the top 1 percent of corporate filers in the world. These are the same giant corporations that benefited from the Trump tax cuts, and they’ve been raising prices on consumers and soaking up record profits ever since. It’s not a surprise that big businesses don’t want to pay their fair share, but it’s incredibly tone deaf for them to say this a week after working families all filed their taxes and paid what they owe.

 

“There’s no reason to think that the corporate transit fee will hurt businesses, especially since these same companies saw their profits skyrocket while the corporate surcharge was in effect. Now that their tax cut is in jeopardy, corporations and their lobbyists are complaining that they shouldn’t have to pay for the public infrastructure that they benefit from. The organizations that make up our coalition, along with a majority of New Jerseyans, beg to differ. It’s time that these dollars earned off of our labor and spending go towards public investments we need like NJ Transit, not the pockets of shareholders and executives.”

 

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For The Many NJ is a statewide coalition of more than 40 organizations working to expand funding for essential services and improve budget practices to meet current and future needs, especially for communities that have been historically marginalized.

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