Business leaders and legislators appeared at the State House June 22 to warn that a proposal to increase income taxes would hurt New Jersey's economy and job growth - essentially chasing high-income earners, and the taxes they pay, to more tax friendly states like Florida and Pennsylvania.
The business leaders were responding to a recent proposal to raise the state income tax on those that make more than $1 million per year as a way to help the state balance its budget for fiscal year 2016, which begins on July 1.
"It's a politically easy answer to say tax the rich. But in the long term, this income tax hike hits much more than high income earners," said Tom Bracken, president and CEO of the New Jersey Chamber of Commerce. "It also affects everyone in New Jersey in a very direct way. When we increase taxes, we damage our ability to attract and retain businesses. That erodes the tax base and makes our fiscal problems worse.
"It is time to stop arguing about short term fixes, and focus on practical, long-term solutions that will restore sustained economic growth and business competitiveness to New Jersey," Bracken said. "A vibrant, job creating economy is the panacea to all the economic problems we face.
"Right now, it seems more taxes and more regulation are the only answers the Legislature has to the economic challenges New Jersey faces," Bracken added. "It's death by a thousand cuts and it must stop."
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Participants in the Press Conference:
- Tom Bracken, President and CEO, New Jersey Chamber of Commerce
- Michelle Siekerka, President, New Jersey Business & Industry Association
- Ralph A. Thomas, CEO and Executive Director, New Jersey Society of CPAs
- James Benton, Executive Director, New Jersey Petroleum Council
- Vicki Clark, President and CEO, Cape May County Chamber of Commerce
- John Harmon, President, African-American Chamber of Commerce of New Jersey
- Laurie Ehlbeck, New Jersey State Director, National Federation of Independent Businesses
- Christopher Phelan, President and CEO, Hunterdon County Chamber of Commerce
- John Holub, President, New Jersey Retail Merchants Association
- Marilou Halvorsen, President, New Jersey Restaurant Association
- Linda Doherty, President, New Jersey Food Council
- Peter Crowley, President and CEO, Princeton Regional Chamber of Commerce
- John Galandak, President, Commerce and Industry Association of New Jersey
- Michael Kerwin, President and CEO, Somerset County Business Partnership
- Debbie Hart, President and CEO, BioNJ
- Jeff Richardson, MIDJersey Chamber of Commerce
- Joe Kelly, President, Greater Atlantic City Chamber of Commerce
- Sen. Tom Kean Jr., Senate Republican Leader
- Assemblyman Jon Bramnick, Republican Leader
- Sen. Joe Pennacchio, Assistant Republican Leader
- Assemblyman Scott Rumana, Republican Whip