Rep. Christopher DePhillips (R-Wyckoff) issued a statement this morning calling on state leaders to lower the corporate tax rate, in response to a right-wing tax foundation report that placed New Jersey last on the state business tax climate index. announced.
“New Jersey continues to be at the bottom of the list in terms of business climate and cannot remain competitive,” said DePhillips. “It is imperative to put in place policies to attract and retain business, and that starts with reducing the corporate business tax. increase.”
The bill DePhillips is referring to is A1146, which would reduce New Jersey’s 11.5% corporate business tax to 2.5%, the lowest tax rate of any state in the nation, comparable to that of North Carolina. It will never be brought to a committee vote, and almost certainly will not unless Republicans control Congress.
“The extra revenue from the levies and high corporate tax rate is not worth the loss,” DePhillips said in support of the bill. “The more we banish these companies and corporations from the state, the more we hurt ordinary families.”
of tax foundation report We single out New Jersey for the tax burden it imposes on residents in a variety of areas, from corporate taxes to inheritance taxes.
“The bottom 10 states tend to have many common problems: complex, non-neutral tax rates and relatively high tax rates,” the report said. “For example, New Jersey is hampered by the highest property tax burden in the country, has the highest corporate income tax rate in the county, and has the highest personal income tax rate.”
A message from Republicans that New Jersey’s taxes are too high is inevitable in New Jersey politics, especially in an election year. played endlessly Governor Phil Murphy’s remark, “If you’re a voter voting on one issue and tax rates are your issue, we probably aren’t your state,” underscoring promises of tax cuts. is.
“The problem is that taxes are an issue for many families in New Jersey,” Ciatarrelli said in the first general election ad. “But it’s even bigger when Phil Murphy said, ‘If you don’t like it, you should leave.'”
