A new tax is coming to New Jersey, and it’s bound to have a huge impact on the state’s millions of residents. Governor Phil Murphy proposed a 2.5-percent tax on businesses to pay for the failing N.J. Transit in his proposed 2025 budget.
This tax is not only an assault on businesses, but on all the people of our region who rarely ever use N.J. Transit.
Taxes like this put people out of jobs and raise prices on consumers, and for what—a government-run public transportation system that is in a billion-dollar hole due to notorious mismanagement problems.
Why should businesses and consumers have to bail them out? Why not audit NJ Transit first before throwing more money at it?
I would say everyone in South Jersey should be outraged by this tax proposal, but how many times can you be outraged by the same Democratic plans to send our tax money to North Jersey? We are all just tired of fixing their mistakes.
The tax proposal will be on all businesses with profits more than $10 million. That might sound like a large number, but after this tax, other state and federal corporate taxes and the exorbitant fees of New Jersey, we’re not talking about much left over to build a company and pay employees competitive wages.
Instead of a new tax, I call on Governor Murphy to first prove N.J. Transit can stay solvent as currently constructed, with ridership on the decline. We’re putting a new paint job on a boat with a hole in it, expecting it not to sink. We have to figure out why N.J. Transit is failing at such an alarming rate.
New Jersey had the highest corporate tax rate in the nation from 2021-2023 and would continue that path if this bill is passed. The state also has the highest property tax rate, eighth highest sales tax, 50th ranked business climate, and the fourth highest income tax rate.
When is it enough? We are already the highest-taxed state in the nation. It’s time to look inward and wonder why the long-term Democratic leadership of this state hasn’t been able to make do with its already bountiful riches of taxpayer dollars.
Michael Torrissi Jr.
Assemblyman
8th District
Trenton