Governor’s Millionaire Tax Will Impact Small Business Owners Who Are Not Millionaires
NFIB reacts to Gov. Phil Murphy’s proposed budget

TRENTON (Aug. 25, 2020) – In his budget speech today, Governor Phil Murphy called for a new tax on millionaires, and announced his plan to borrow billions of dollars to fill the state’s budget hole. NFIB, a small business association with thousands of members in New Jersey, opposes the so-called “millionaire’s tax” because it would negatively impact many small business owners in New Jersey who are not millionaires. There is also concern about adding significant debt as it is likely to result in higher taxes on small businesses who are struggling economically.

The following quotes are attributable to NFIB’s New Jersey State Director, Eileen Kean:

“The millionaire’s tax will hurt small business owners who retire and sell their business as a retirement nest egg—something many of them do. If they started their business years ago and own a building that has risen significantly in value, selling the property, the business, and its assets could easily bring in over a million—along with an extremely high tax bill on their retirement savings.

“New Jersey already ranks among the top states in the nation for the highest tax rate. Taking on billions of dollars in additional debt is going to result in even higher taxes. At a time when small businesses are struggling to come back, the prospect of being saddled with higher taxes is of great concern.”

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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.