Statement by Melanie Willoughby, acting president of the New Jersey Business and Industry Association, in response to Senate Democrats’ proposal to increase income taxes on those making more than $500,000 per year and raising the Corporate Business Tax by 15 percent.
“Until today, legislators of both parties have worked with the Governor and the business community to improve the state’s economic climate and create private-sector jobs. This proposal undermines those efforts.
“New Jersey already has one of the highest tax burdens in the nation. These tax increases hurt businesses of all sizes, make New Jersey less competitive, and will cost the state tax revenues in the long run.
“New Jersey’s economy is not as strong as we need it to be. We are deeply concerned that this tax increase proposal will send the wrong message to business and make it even harder to create jobs.”