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NJ Chamber of Commerce President and CEO Thomas Bracken's statement on so-called "Millionaire's Tax"

Thomas-A-BrackenThomas A. Bracken President and CEO
New Jersey Chamber of Commerce

As part of the current budget deliberations, the New Jersey Senate Budget and Appropriations Committee today again released the so-called "millionaire's tax" for consideration by the Legislature.

This action flies in the face of making our state more competitive, improving our economy and adding jobs. The legislators who support this action are contradicting themselves and their statements that they want to see New Jersey's economy improve.

I speak to many business leaders each week and the vast majority of them think the business climate in New Jersey is noticeably improving and they expect next year to be better than this year. Now that we are moving in a positive direction that will help everyone, this is absolutely the wrong time to raise taxes, period.

At the end of the day, it is confidence that drives a good business climate and economic growth. Businesses in New Jersey need to be confident that our Legislature is going to support pro-growth programs, not make it tougher for them to compete.