Updated: Jun 20
January 17, 2023 | nj.com
N.J. Assemblyman Christopher DePhillips (R-LD 40) is proposing a corporate tax cut as a means to bolster businesses in the state and attract new ones.
New Jersey’s high taxes are taking away from people, and, as a result, taking resources away from economic growth. The Garden State’s most consistent economic rating is ‘nation’s worst business environment’ and ‘dead last for fiscal health.’
NJ SEED: Asserting that post-pandemic many businesses want to move back to the U.S. to avoid supply chain problems. NJ isn’t a top choice due to the state’s negative business climate. That’s not a recent reputation but one the state has had for over half a century. The Assemblyman makes a case for reducing the Corporate Business Tax – a proposition to which Gov. Murphy has hinted at being amenable. Lowering the CBT would likely be a boost to the Garden State’s economy.