|Gov. Murphy’s state budget proposal today continued to further his vision of a fairer and stronger economy.
Unfortunately the speech was short on how to make the economy stronger for the businesses that are being heavily relied on to fund the fairer economy.
The Governor’s speech did contain much the New Jersey Chamber of Commerce can support.
We believe the investments in education and infrastructure are good for New Jersey’s economy.
We welcome the economic stability that would come with meaningful payments to the state pension system.
But nothing in the Governor’s proposed budget gets to the heart of the matter – addressing the core issues of New Jersey’s affordability and lack of competitiveness. We need to make the New Jersey economy stronger.
Gov. Murphy has again called for a so-called millionaire’s tax as a way to grow and sustain revenue.
In making this proposal, the Governor said there is no proof New Jersey’s highest bracket taxpayers are leaving the state. The study by Wealth X in 2019 showed very clearly that more than 5,000 residents with net worth over $1 million had fled New York and New Jersey in 2018.
These are exactly the people we need to keep in New Jersey so they invest in the state and invest in the new companies and new jobs we need.
All the Governor’s proposed new tax will do is make New Jersey less competitive and less affordable.
Combine this tax with the tax increases and fiscal mandates that New Jersey has enacted over the past two years, along with the fact we still have no tax incentive program, and it makes our state that much less competitive as a destination of choice for business.
We urge Gov. Murphy and state legislative leaders to take tax increases of any kind off the table.
The New Jersey Chamber continues to believe that the proven way to attract and retain business is to reduce the tax burden on our business community.
We urge state leaders to consider the “Plan for an Affordable New Jersey” crafted by the Opportunity NJ coalition of businesses. The plan offers realistic steps that would make New Jersey more business competitive – including how to make government more efficient and cost effective.