Statement

Letting the Corporate Business Tax Surcharge Expire Will Give a Huge Tax Cut to the Most Profitable Businesses

Allowing the Corporate Business Tax Surcharge to expire would give the biggest and most profitable corporations a $600 million tax cut.

By

Published on Jan 12, 2023 in Tax and Budget

In an interview with Bloomberg TV earlier today, Governor Murphy said that he plans to let the Corporate Business Tax (CBT) Surcharge expire at the end of the calendar year, giving the biggest and most profitable corporations a $600 million tax cut. The CBT surcharge is only paid by the top 2 percent of the wealthiest corporations operating in the state, including out-of-state corporations like Amazon and Walmart. This announcement comes one day after the governor’s State of the State address where he slammed states that hand massive tax cuts to wealthy individuals and mega-corporations. In response to the announcement, New Jersey Policy Perspective (NJPP) released the following statement.

Nicole Rodriguez, President, NJPP:

“This is a tax cut for some of the biggest businesses in the world, plain and simple. With corporate profits at record levels and millions of New Jersey families struggling to keep up with rising costs, this represents the absolute worst of trickle-down economics. To be clear, this would not benefit mom-and-pop businesses but corporations like Amazon and Walmart that make billions of dollars every year off the backs of low-paid workers.

“A day after the governor centered his State of the State address on creating opportunity for everyone, this tax cut will blow a hole in the state budget and make it even harder to fund the very programs and services that would do just that. New Jersey’s long-term economic and fiscal health will be in jeopardy if lawmakers allow more than half a billion dollars to go back into shareholders’ pockets rather than addressing the urgent needs of our communities.”

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Author

  • Nicole Rodriguez, Research Director, is an experienced public policy advocate who researches and advocates for state policy solutions that centers the needs of communities. She is skilled in policy analysis, research, writing, communication, and nonprofit organization and management. Her research interests include labor and economic policy at the intersection of work and family.

    Before joining New Jersey Policy Perspective, Nicole was a Senior Researcher at Community Labor United (CLU), an organization that brings together community and labor partners to speak in one voice on issues that impact working-class families throughout Greater Boston. Specifically, Nicole drove strategic campaigns forward with rigorous research and leadership that stabilize and strengthen low-income families and communities of color.Prior to that, Nicole worked as a Senior Policy Analyst at the Massachusetts Budget and Policy Center, an independent research organization that produces non-partisan policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state’s economy, and enhancing the quality of life in Massachusetts. Nicole has authored numerous reports focusing on family economic security and the state budget.

    She has also worked for foundations, non-profits, and state and local governments in Massachusetts. She holds a Master’s in Public Policy from the Heller School for Social Policy and Management at Brandeis University and a Bachelors of Arts in Political Science from Villanova University.

    Email: rodriguez (at) njpp.org | Phone: 609-393-1145 ext. 18
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