GSI’s Egea: Governor’s Budget Insufficient to Improve Business Climate, Won’t Reduce Property Taxes

MORRISTOWN, NJ – Garden State Initiative’s president, Regina M. Egea, issued the following statement on Governor Phil Murphy’s Budget Address:

The Governor’s budget offers insufficient improvement to our business climate and will not reduce resident’s property taxes.

The proposal to expire a 6-year business tax surcharge is a tacit admission that business taxes are an important factor to retaining and luring investment in our state. But returning to our statutory 9% tax rate is simply not enough since we will still be the 4^th highest in the U.S. and highest in the region.  Even our neighbors in Pennsylvania are lowering their rate to be among the 10 lowest in the country.  If our state is to truly compete, more dramatic action is required from our leaders.

Just yesterday it was reported that New Jersey’s property taxes reached another record high  reflecting the largest average rate increase in years.  By allowing the 2% arbitration cap to expire and failing to control public employee health care costs, this administration is exploiting our residents, not serving public needs.   Rather than address the true driver of our unaffordable property taxes, this budget seeks to once again paper over the unabated and accelerating growth in spending with a temporary and targeted rebate program.

Taxpayers should rightfully be demanding bolder and more candid leadership.

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The Garden State Initiative is a 501(c)3 nonprofit organization dedicated to strengthening New Jersey by providing an alternative voice and commonsense policy solutions in the state — solutions that promote new investment, the growth of businesses, the creation of economic opportunities, and innovation to the benefit of all New Jerseyans.