Small Business Reaction to Gov. Murphy State of State Address

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Small Business Reaction to Gov. Murphy State of State Address

TRENTON January 14, 2020 – NFIB, the leading small business association in New Jersey advocating for thousands of members across the state, reacted to Governor Phil Murphy’s State of the State Address. The following comments may be attributed to NFIB State Director, Eileen Kean:

Millionaires’ Tax

“The Governor’s proposal for a Millionaires’ Tax would negatively impact many small businesses even though most of those owners are far from being millionaires. Frequently, small business owners sell their business to use as their retirement nest egg. The one-time proceeds may well rise above a million dollars, subjecting those hard-earned savings to ridiculously high taxes. It could also impact small businesses formed as pass-through entities, whose owners file business taxes on their personal income tax form—unfairly sending them into that higher bracket.”

Workforce Training

“The Governor’s desire to address the difficulty that companies have finding qualified workers for the available jobs should be applauded. That has been the number one concern for small businesses for several years now as the economy improved. But the rising cost of doing business in New Jersey due to ever-increasing taxes and costly labor mandates has kept small businesses back. It’s hard to grow and create new jobs in that environment.”

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For more than 75 years, NFIB has been 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 in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.

 

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