Gov. Chris Christie in recent days has rejected a host of budget-related bills sent to him by Democrats who control the state Legislature, including measures that would have hiked the state’s corporate-tax rate and boosted funding for family planning clinics.
Despite repeated claims from business lobbyists that a so-called millionaire’s tax is “a tax on small business,” since most small business owners run their business income tax through their personal returns, nearly all of these “pass-through” business filers would not pay more if taxes on those earning $500,000 or more increased.
While the company’s investment in the state’s most struggling city is certainly positive, the cost to New Jersey could far outweigh any benefits the state may see, thanks to major loopholes and flaws in the law governing the Garden State’s corporate tax subsidies.
It is beyond high time for New Jersey to reverse the de facto tax hike given to half a million working families in 2010.
Today the state legislature sent a misguided bill that would give a big tax break to buyers of expensive boats to the governor’s desk.