Press Release

Advocates, Unions, and Policy Experts Praise New Bill to Extend Surcharge on Corporate Profits

New legislation would extend the Corporate Business Tax surcharge on the world’s most profitable corporations.

Published on Dec 8, 2023 in Economic Justice, Tax and Budget

A week after hundreds of union members and advocates rallied outside the State House to oppose a $1 billion corporate tax cut, momentum is building to extend New Jersey’s Corporate Business Tax surcharge with new legislation (A5878) introduced by Assemblyman Tom Giblin (D-Essex).

Earlier this month, Senate President Nick Scutari (D-Union) spoke out in support of maintaining the surcharge to fully fund NJ Transit, which is facing a looming $1 billion budget shortfall. The surcharge on corporate profits is only paid by the most profitable top 2 percent of corporations and is primarily paid by large, multinational corporations like Amazon, Walmart, and ExxonMobil — not small or midsize businesses located in New Jersey.

Advocates, unions, and policy experts from the For The Many NJ coalition praised the introduction of the bill as a way to promote tax fairness and fund public services, programs, and infrastructure that everyday New Jerseyans rely on.

Nicole Rodriguez, President, New Jersey Policy Perspective (NJPP):
“This bill shows that the Legislature is listening to the many voices across the state saying no to this billion-dollar tax cut for big corporations. The surcharge is a highly targeted tax that pays for the essential public services that keep our communities and economy running. New Jersey needs this revenue to balance its budget and avoid damaging cuts to public transit and programs that working families rely on.”

Antoinette Miles, Interim Director, New Jersey Working Families Party:
“Just a week ago, the voices of workers and grassroots activists echoed throughout the State House, and this bill shows how those voices have been heard. Now it’s time for the rest of the Legislature and the Governor to listen, too, and stop this tax cut for big corporations today.”

Nedia Morsy, Director of Strategic Projects, Make the Road New Jersey:
“New Jersey’s transit riders and workers need a well-funded public transit system, not fare hikes and service cuts. This bill would go a long way towards finally getting a dedicated funding source for NJ Transit, rather than relying on patches and short-term fixes. If Walmart and Amazon are making their profits off of New Jersey consumers and workers, then New Jersey should be making sure they pay us back for the transit and infrastructure that generate those profits.”

Debbie White, RN, President, Health Professionals and Allied Employees:
“Legislators should support the extension of the corporate business tax to protect the financial stability of New Jersey. The revenue generated by this tax on wealthy corporations has supported healthcare, transportation, education and other projects the residents of New Jersey rely on every day. Without this source of revenue, we will see a negative impact on New Jersey’s infrastructure.”

Liz Glynn, Director of Organizing, New Jersey Citizen Action:
“As corporate profits continue to break records, working and middle-class families in New Jersey continue to struggle to make ends meet. The public services they rely on need robust funding, and taxing corporate profits from the world’s biggest companies will help ensure that affordable housing and healthcare, infrastructure, and essential services have sustainable funding into the future. Now is not the time to cut corporate taxes once again.”

Amy Goldsmith, State Director, Clean Water Action:
“New Jersey’s needs are great. On the environment alone, clean energy, lead abatement programs, NJ Transit, and the Department of Environmental Protection are all underfunded while state revenues are down, federal funds are drying up, and a fiscal cliff is looming. Kudos to Assemblyman Giblin for making sure we don’t lose a billion dollars by ensuring mega-corporations pay their fair share. It’s now time for the rest of the Legislature and Governor to step up.”

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For The Many is a statewide coalition of more than 30 organizations working to expand funding for essential services and improve budget practices to meet current and future needs, especially for communities that have been historically left behind.