Peterson calls Sweeney tax proposal senseless

TRENTON, N.J. –  It seems to Assemblyman Erik Peterson that the Democrats are aggressively protecting New Jersey’s ranking as the nation’s worst state to own a business.  Today, Senate President Steve Sweeney promised to introduce his plan to impose a three percent surcharge on corporations earning more than $1 million.

“Increasing business taxes just makes New Jersey less competitive with other states,” said Peterson (R-Hunterdon). “Imposing a surcharge on job creators is senseless and sends a clear and loud signal to any business who might be interested to opening shop in New Jersey to stay away.  I guess Senator Sweeney has not learned anything from Connecticut, where the Democrats there raised taxes until GE and other long time employers fled.”

New Jersey is already ranked last in the nation for business tax climate, according to the Tax Foundation.  This is the fourth consecutive year New Jersey has been named the worst state to own a business.

“New Jersey does not have a revenue problem, we have a spending problem and we are never going to solve our budget problems by chasing out our largest taxpayers to states that are fiscally responsible,” concluded Peterson.