N.J. Companies Facing 1-2-3 Punch

From NJ Biz, May 23, 2016:

Marilou Halvorsen fully understands the minimum wage issue.

New Jersey Chamber of Commerce Executive Vice President Michael Egenton testified that, after factoring in “all the other taxes a business owner has to pay,” the proposed $15 minimum wage is actually more like $23 per hour.

“It’s not the one issue in and of itself,” Egenton said.

Egenton added that he believes the proposal “impacts the profitability of the business community” and “does not solve the financial woes of the working poor.”

That wasn’t a sentiment shared by New Jersey Policy Perspective policy analyst Brandon McKoy.

“The simple fact of the matter is that having a strong economy requires balance between healthy supply and healthy demand,” McKoy testified. “Over the years, the state has taken many steps to address the supply side of our economy, with big tax cuts for businesses and billions in tax breaks through the Economic Development Authority. Businesses have received plenty of help from Trenton. It is far past time for lawmakers to take modest steps that boost workers and ensure healthy demand.”