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Dear Senate Republican Leader Tom Kean, Jr.:
On behalf of Americans for Prosperity and taxpayers across the state, I write today to express our strong opposition to a corporate business tax increase proposal, which would impose major tax increases on New Jersey businesses. Given the current condition of the state budget and the state’s larger history of fiscal mismanagement, such extreme tax hikes would further erode New Jersey’s business competitiveness and continue to fund its wasteful state government spending practices.
The proposal to increase the corporate business tax rate on C-corporations to 11.5 percent for companies with revenues between $1 million and $25 million, and to 13 percent for companies earning above $25 million. While both rates currently sit at nine percent—the sixth-highest in the country—enacting these tax hikes would immediately give New Jersey the dishonor of having the highest state corporate business tax rate in the country.
As such, this “millionaire tax” on businesses would severely hamper our state’s entrepreneurs from hiring more workers, innovating with new ideas, and investing in their communities. Should this tax increase pass, it would ultimately worsen the trend of outmigration and be persuaded to search for better business opportunities elsewhere.
New Jersey ought to be focused on removing its tax burdens, not adding to them. Our state routinely loses out to others because of high tax and spend policies that make investment and innovation all but impossible. A higher tax rate on successful businesses is not the answer, and it certainly would not even begin to ameliorate our state’s financial problems that are driven by wasteful spending practices.
If New Jersey has any hope of attracting the best and the brightest and maximizing its business competitiveness, it ought to pursue policies that reduce the burden our state government puts on citizens and businesses. We respectfully urge you to please oppose a corporate business tax increase and any similar legislation that would increase taxes on businesses that are vital to New Jersey’s economy.
If you or your staff would like to set up a meeting to discuss this harmful tax increase or connect with policy experts in this area, please feel free to contact me at EJedynak@afphq.org or 862-229-4953. Thank you in advance for your consideration.
Erica L. Jedynak
New Jersey State Director
Americans for Prosperity (AFP) exists to recruit, educate, and mobilize citizens in support of the policies and goals of a free society at the local, state, and federal level, helping every American live their dream – especially the least fortunate. AFP has more than 3.2 million activists across the nation, a local infrastructure that includes 36 state chapters, and has received financial support from more than 100,000 Americans in all 50 states. For more information, visit www.AmericansForProsperity.org.