New Jersey’s policymakers should adopt two simple reforms that would make the corporate tax more sensible, transparent, and productive: first, establish a floor on corporate taxes paid below which a company would be ineligible for state tax incentives; and adopt “combined reporting” to prevent businesses from shifting profits out-of-state in efforts to reduce taxable profits.
Advocates are urging New Jersey lawmakers to enact a budget that raises revenue to help meet the needs of the middle class.
If New Jersey is going to invest in its most important priorities, the legislature should pass its own budget, and it should include revenue raisers according to Better Choices for New Jersey, a coalition of business groups, environmentalists and labor leaders.
New Jersey’s veterans had an unemployment rate of 10.8 percent in 2013, the highest of all 50 states.
NJPP president Gordon MacInnes appeared on NJTV News with Mike Schneider last night to discuss a recent report produced by a wealth-management firm being cited by policymakers as proof that high tax rates are creating an “exodus” of high-income households from New Jersey.
President Obama’s budget includes several important improvements to the pro-work Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) that would impact more than 750,000 low-wage New Jersey workers. The tax-credit changes would reduce poverty among low-wage workers and their families, reduce income inequality, strengthen work incentives and give a boost to New Jersey’s economy.
When Gov. Chris Christie pushed to expand financial incentives to keep businesses in New Jersey, one of the first companies to benefit was a client of David Samson, a lawyer with a long and close relationship to the governor.
We’ve already detailed how Congress’ failure to renew emergency federal unemployment insurance at the end of last year could harm a quarter-million out-of-work New Jerseyans and tens of thousands of their children. Now we see just how much the inaction is costing New Jersey’s economy – and it’s staggering.
NJPP budget & tax analyst David Rousseau appeared live on NJTV yesterday for the TV network’s special coverage of the state budget address.
A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them paid no federal corporate income tax in at least one of the last five years while one-third paid a U.S. tax rate less than 10 percent over the same period, including 26 that paid nothing at all.