TRENTON NJ (June 30, 2018)(CNBNewsnet)--NJBIA is extremely disappointed to learn that the budget negotiations that broke down yesterday between the governor and legislative leaders apparently centered on what taxes to increase, instead of what spending to cut. We need to fix the state's structural budget deficits, such as our public pension, health benefits and education costs, rather than attempt to tax our way of our challenges.
Proposals such as a millionaires tax and CBT surcharge try to balance the budget on the backs of job-creators. Corporations have 50 states to choose from. We need to make New Jersey more attractive to retain our businesses and capture the investment of new ones so we can gain in our regional competitiveness. Increasing the corporate business tax to be the highest in the nation, in addition to the already high cost of doing business in New Jersey, will not put us on that path.
NJBIA President & CEO Michele N. Siekerka, Esq