Three Tax Day Takeaways
It’s Tax Day – that day each year when the public spotlight falls on something we at NJPP focus on all year round.
In the spirit of the day, here are our top three takeaways on the state of taxes in New Jersey:
The rhetoric about the poor not contributing to the tax system is simply not true. In fact, low-income families in New Jersey pay a greater share of their income to state and local taxes than the wealthiest families do.
2) … but corporations are getting big breaks
New Jersey is stacking the tax deck in favor of business interests under a faulty premise that cutting corporate taxes and offering lucrative tax subsidies will boost the state’s economy. Our leaders claim the equation is simple: Tax Cuts + Tax Breaks = More Jobs and Greater Prosperity. But this doesn’t add up. Instead:
3) Taxes = Investment and Investment = Opportunity
The political aversion to taxes in New Jersey is penny wise and pound foolish. Cutting taxes reduces investment in vital services – and in the jobs these services create. Failure to invest in priorities like education, transportation and public safety makes our state less attractive to businesses and diminishes real opportunities for middle-class and working families.
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