Tax increases would hurt New Jersey’s ability to compete economically with neighboring states, NJBIA President and CEO Michele Siekerka tells Larry Mendte of New Jersey Matters news show. Senate President Steve Sweeney has proposed a corporate tax surcharge that would raise the top CBT rate from 9 percent to 12 percent, on companies earning over $1 million in net income, while Gov. Phil Murphy has proposed increasing the income tax rate on those making $1 million or more to 10.75 percent.
Siekerka worries about what that would do to the bonuses companies are paying to their employees in response to federal tax reform and the impact on small businesses that pay income taxes instead of corporate taxes.
“This goes to the heart of our ability to be competitive here in the state of New Jersey,” she says.
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Hosted by award-winning Journalist Larry Mendte, Jersey Matters covers news, politics, the arts and current events within The Garden State. Larry sits down with state politicians, business and cultural leaders, reporters, and news makers to discuss and analyze what’s happening in New Jersey and the impact it has on you.
Jersey Matters airs on WJLP Me-TV at 5PM on Saturdays and at 11AM on Sundays.