“Governor Murphy has stated time and again his commitment to ending racial wealth disparities and ensuring that Black communities have a fair shot at success. But one cannot claim to be offering real opportunity for historically oppressed people while also handing giant corporate tax breaks to the most profitable businesses – expanding the wealth of the already-wealthy while leaving less for communities in need. These are not mom-and-pop businesses; these are the top 2 percent, the companies raking in cash while so many are still struggling to get by.
“If the goal is to insulate the state from the effects of a recession, local communities, not big businesses, should be the recipients of these funds. Instead of going to corporate shareholders, $600 million a year could be invested directly in the building blocks of strong communities and families, in areas like schools, housing, and healthcare, and could also be used to create new statewide programs like baby bonds and first-generation homeownership, that will reshape opportunities for future generations.
“We know that trickle-down policies don’t work for Black people who are always hit hardest by recessions. We have watched as programs that assist Black communities the most – affordable housing, public schools, tuition assistance – have also been the first programs slashed in a recession. Handing a tax cut to big business doesn’t protect our communities from hard times, and instead will give our state fewer resources to support Black families and seniors.
“Elected officials and special interests simply cannot expect our families to continue to pay for these kinds of outsized tax cuts, while costs continue to rise in an already high-cost state.