Assemblyman Scharfenberger: Trenton Should Concentrate On Reducing Costs to Truly Aid Businesses

Middletown, N.J. – Assemblyman Gerry Scharfenberger (LD13) calls into question the so called Economic Recovery Act of 2020 and points out that if it were not for the overwhelming, yearly increasing weight put on New Jersey’s businesses by Trenton – the need for such an expensive patchwork measure would be greatly diminished:

“This massive $14.8 billion incentive bill would not be needed were it not for the horrible business climate in New Jersey,” said Scharfenberger. “The whole premise is flawed – instead of passing legislation that will cost taxpayers billions over the next seven decades, Trenton should be concentrating on lowering taxes and eliminating duplicative and needless regulations.”

As has been well documented in recent times, the Garden State not only fails in supporting growth for existing businesses, but it seems to aggressively deter incoming prospects from even considering to call New Jersey home through constant, inexcusable financial decisions:

“The fact that the majority in Trenton has voted to increase the corporate business tax to the highest in the country, add a 2.5% surcharge on all insurance policies, increase a so-called millionaire’s tax, and countless other discouraging policies is the true reason why businesses are fleeing New Jersey,” Scharfenberger continued. “Cutting taxes will actually result in an increase in revenues – this is basic economics that cannot continue to be ignored. You see it repeatedly, while other states like North Carolina have cut their taxes and seen a huge influx of businesses into their state, New Jersey continues to head full speed ahead into a brick tax wall.”