NJBIA Acting President Melanie Willoughby issued the following statement on Governor Chris Christie’s action on the FY 2015 state budget and tax increases:
“Governor Christie’s veto of both the income tax increase and the corporate business tax surcharge will continue to allow the state’s business climate to grow and keep New Jersey competitive with our neighboring states.
“The Governor has sent the right message to the businesses of New Jersey and that is, ‘In order to remain competitive, we cannot raise taxes.’ We appreciate the Governor’s continued commitment to the business community and to the economy of the state.”
“We are in a constant battle for jobs and investment. Raising taxes on business even higher than they are now in one of the highest tax states in the nation is not the answer.
“The fact is, if our taxes are higher than those in New York and Pennsylvania businesses will move to those states. Higher taxes would also have a chilling effect on the willingness of business to invest and expand.
“There is no magic pot of money from which businesses can pay higher taxes and maintain their current operations. If taxes go up, businesses will have less revenue to spend in other areas such as employee salaries and benefits and investment.
“If we really want to improve our economic climate and create more jobs, we need to move toward a more business friendly environment and that means lower taxes, not higher.”