file photo by Boyd Loving
John Reitmeyer | September 13, 2017
More taxes, no new taxes, higher taxes, marijuana taxes, corporate taxes, tax relief, and even a new tax structure — it’s definitely an election year in the Garden State
Tax reform is becoming a hot topic in Washington, D.C., as President Donald Trump is looking for Congress to cut both corporate and personal income-tax rates. Similarly, the future of New Jersey tax policy is also expected to become a key issue in Trenton once the state welcomes its next governor early next year.
Democrats who control New Jersey’s Legislature signaled several months ago as they were hashing out a new state budget with Gov. Chris Christie that they would be pushing once again for a millionaires tax to bring in more funding for local school districts once the term-limited Republican governor leaves office in January 2018.
And if Democratic gubernatorial candidate Phil Murphy ends up winning the gubernatorial election in November — something that the latest public-opinion polls suggest is likely — legislative leaders should find a willing partner. Murphy’s own fiscal platform includes a call for enacting a higher levy on the state’s wealthiest residents, among other tax-policy changes.
But even if Murphy’s opponent, Republican Kim Guadagno, ends up pulling off an upset, she’s also talking about tax reform. The centerpiece of her economic agenda is a more than $1 billion “circuit breaker” property-tax relief initiative.