NJBIA Says Legislative Tax Proposals Will Damage the State’s Economy

On Jun 24, 2014

The New Jersey Business and Industry Association today stressed its opposition to legislative proposals that would dramatically increase taxes on business and negatively impact the state’s economy.

At a press conference on the steps of the statehouse, Melanie Willoughby, acting president of NJBIA, said the tax increases would be harmful to business.

“The legislative proposals to raise taxes send the wrong message to the business community.  Increasing the tax burden will make it more difficult to create jobs, encourage investment, and continue to grow the economy.

“Raising the income tax deeply impacts the tens of thousands of small businesses paying the state income tax on their profits.  At a time when many small businesses are still struggling to survive, these proposals would be the last straw.

“NJBIA urges the legislature to rethink its plan to raise taxes because of the economic damage these proposals will cause.  If businesses have to pay higher taxes, those funds will have to come from somewhere.  This means smaller raises, fewer employees and less benefits.

“The tax increases in these proposals may increase revenues in the short run, but will ultimately hurt small businesses, damage the state’s economy, and create even greater fiscal uncertainty.

We need a budget that addresses the difficult fiscal limitations we face as a state without placing burdens on the business community and our already fragile economy.”