Gov. Murphy Budget Likely to be a No Starter for Small Business
Already overtaxed and over-regulated with no relief in sight
TRENTON Feb. 25, 2020 – Today, NFIB, the leading small business association in New Jersey, expects to Governor Phil Murphy’s budget proposal to include a millionaires tax and a significant amount of additional spending that is likely to require additional taxes or fees. If that’s the plan, it creates great concern because the costs are likely to fall upon small businesses in the state. Eileen Kean, state director of NFIB in New Jersey, offered the following quotes:
“A millionaires’ tax would be harmful to many small businesses even if the owners are not millionaires. It’s common for a business owner to sell their company as their retirement nest egg, throwing them into the millionaire’s category at a much higher rate. Also, most small businesses are set up as pass-through companies in which the owner files business taxes on a personal tax return—that too could inadvertently subject them to a millionaires tax.
“When New Jersey is already at rock bottom in the business tax climate rankings, and the Governor wants to raise taxes even higher and spend much more, it threatens the jobs of the 1.8 million people who work for small businesses in the state. Gov. Murphy is essentially saying and has actually said in the past, if you don’t like it, move to another state. Losing a big part of the state tax base will hurt New Jersey’s economy.”
NFIB is the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. To learn more, visit NFIB.com.