Unions, Advocates, and Policy Experts Urge Lawmakers to Say No to Corporate Tax Cuts
On Friday, members of For The Many NJ sent an open letter to Governor Murphy, Senate President Scutari, Assembly Speaker Coughlin, and members of the Senate and Assembly Budget Committees calling for the extension of the Corporate Business Tax surcharge.
“This is exactly the wrong time to be giving the most profitable corporations a $600 million tax cut. Such a gift for corporations and their shareholders takes away resources from our schools and infrastructure and undermines funding for areas that promote opportunity for all,” the letter states.
The Corporate Business Tax surcharge is a 2.5 percent tax on corporate profits exceeding $1 million. The surcharge is paid by the top 2 percent of the wealthiest corporations operating in the state, including multi-state corporations like Amazon and Walmart that make profits in New Jersey but are not headquartered here. The tax cut is estimated to cost the state at least $600 million annually.
“The wealthiest 2 percent of businesses should be paying more, not getting a tax cut when everyday New Jerseyans are struggling,” the letter continues. “We keep hearing about kitchen-table issues and middle-class New Jerseyans. How will corporate tax cuts help them?”
The letter was signed by 28 organizations and labor unions, including: New Jersey Policy Perspective, New Jersey Institute for Social Justice, ACLU of New Jersey, Latino Action Network, 32BJ SEIU, CWA, and the New Jersey Education Association.
The letter calls for lawmakers to extend the Corporate Business Tax surcharge so the state can continue investing in the programs that make New Jersey an engine of economic growth and opportunity.
A copy of the letter can be read here.
Multi millionaires and trillionaires should pay more and corporations should continue to pay more because us seniors are on life support
Stop the excessive government spending in New Jersey. AND, cut property taxes by 75% or more by de-coupling education taxes from property taxes and linking education taxes to sales taxes and/or income taxes WHERE EVERYBODY PAYS!!!! Of course, the NJEA will rail against this because they can’t maintain their exclusive lifestyles. But, this is exactly what is needed. Break up the NJEA under the Anti-Monopoly laws. Only 15 other states link their education taxes to property taxes, and those states are Democrat run. And, you can’t tell me that those other 35 states have dumber students graduating high schools and/or colleges. That would be an outright lie, political malpractice and taxpayer fraud.
Currently, the more education taxes we pay in NJ, the less education our children get, and the more Marxist indoctrination they get. That constitutes TAX FRAUD!
In 5 short years, Governor “Knucklehead” Murphy has increased the NJ State Budget from $29 BILLION to over $50 BILLION!!!! Where is the money going????? Inflation didn’t rise that fast in 5 yrs.
A lot of the excess $21 BILLION has gone to Democrat donors like “Green Energy” companies such as the Danish Wind Turbine Company (Orsted), the NJEA, the Unions such as the NJ State AFL-CIO executives, CWA (Communications Workers of America), UFCWA (United Food & Commercial Workers Union), AFSCME (American Federation of State, County and Municipal Employees), the Democrat National Committee In D.C. and N.J., and Democrat Political candidates.
How come I don’t see a Union for New Jersey Middle Class Property Taxpayers????? It’s not millionaires and billionaires (there’s no such thing as trillionaires unless you talk about the leaders at the World Economic Forum who want to turn everyone into slaves like in China). Millionaires & Billionaires pay their fair share of taxes and then some. In fact they, the few of them, pay at least 50% of all taxes paid. Corporations are NOT paying their fair share because Gov. Murphy is giving them “tax breaks” to be in NJ while he can tax the H*LL out of us serfs.
I’m not opposed to paying taxes either. Similar arguments may be made for “Employment” insurance, CPP/QPP, welfare, and several other government programs for distributing wealth.
The visible WASTE of our money—yes, it’s our money, not the government—is what most people complain about (s). Isn’t the government ultimately run by and for the people? If our finances were handled properly and intelligently, we may have less government debt and, perhaps, pay less in taxes (es). How much money has been taken from contracts to expedite the sale and guarantee that a particular business get the contract?