The For The Many coalition welcomes the introduction of S4204 and A5121 two major progressive revenue proposals long championed by advocates, community organizations, and workers across New Jersey.
At a time when the state’s working- and middle-class families are struggling with rising costs, housing instability, and economic uncertainty, these proposals recognize a simple reality: the wealthiest individuals and biggest multinational corporations have captured the overwhelming share of economic gains while too many families continue to fall behind.
Together, these bills could raise approximately $2 billion in annual revenue — enough to help close the state’s billion-dollar deficit while funding the affordability programs, community services, schools, and public investments that New Jersey communities rely on every day.
- The proposed supermillionaire’s tax (A5121) would ask the top earners — less than one percent of New Jersey’s tax filers — to contribute more, generating an estimated $1.2 billion annually for education, infrastructure, and services that keep New Jersey affordable.
- The worldwide combined reporting proposal (S4204 / A5039) would finally close a major corporate tax loophole that allows some of the world’s largest multinational corporations to shift profits offshore while using New Jersey’s workforce, infrastructure, and public institutions.
“New Jersey cannot afford to leave billions on the table while so many people struggle to afford the basics. These bills recognize that affordability and tax fairness go hand in hand,” said Eric Benson, For the Many Coalition Manager. “New Jerseyans shouldn’t foot the bill for an economy that works only for multinational corporations and ultra-wealthy households — while our communities are asked to do more with less.”
The coalition also thanks Assemblywoman Katie Brennan and Senator Raj Mukherji for introducing the supermillionaire’s tax and worldwide combined reporting legislation, reflecting the scale and urgency of the affordability challenges facing New Jersey.
About The Coalition
For the Many is a statewide coalition of more than 40 organizations committed to fixing New Jersey’s upside-down tax code and ensuring the state budget works for everyone — not just the wealthy few. Our members include labor unions, grassroots community groups, immigrant justice advocates, environmental leaders, anti-poverty organizations, and policy experts from across the state. Learn more at peoplesbudgetnj.org.
