United Black Agenda Criticizes Governor Murphy’s Corporate Tax Cut Proposal

United Black Agenda Criticizes Governor Murphy’s Corporate Tax Cut Proposal
Last week, Governor Murphy announced on Bloomberg TV that he plans to let the Corporate Business Tax (CBT) Surcharge expire at the end of the calendar year, giving the biggest and most profitable corporations a $600 million tax cut. The CBT surcharge is paid by only the top 2 percent of the wealthiest corporations operating in the state, including out-of-state corporations like Amazon and Walmart. In response to the announcement, the United Black Agenda released the following statement:

“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.

“If we are to believe the Governor and Legislature’s stated commitment to reverse centuries of disinvestment and exploitation of Black people in our state, then their actions must speak louder than their words. We cannot close racial wealth disparities unless we say no to big corporate tax cuts.”
The UBA is a coalition that provides a shared space and collective voice to promote the health and welfare of Black New Jerseyans. The UBA acknowledges and proactively attacks the root causes of inequality and aggressively pursues legislation, policies, and programs to mitigate the ravages of white supremacy and affirm the tenets of democracy, freedom, and liberty. UBA members include: Rev. Dr. Charles F. Boyer, Carolyn Chang, Rev. Eric Dobson, Reva Foster, Jerome C. Harris, Ryan P. Haygood, Taissa Kelly, Brandon McKoy, and Richard T. Smith.
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