By Jack Ciattarelli
On his inauguration day, Phil Murphy received two gifts any new governor of New Jersey could only wish for – the lowest unemployment rate in 17 years and hundreds of millions of dollars in new tax revenue based on U.S. Supreme Court decisions on internet sales and sports betting. It wasn’t enough. In his first budget, Murphy raised other new and existing taxes more than $1.5 billion, including New Jersey corporate and personal taxes, despite both already being among the highest in the nation. Murphy’s political justification was, “We need to make New Jersey stronger and fairer.” His policy justification was, “The Trump tax reforms lowered corporate taxes” and “People need to pay their fair share.” While businesses and people may never leave a country over taxes, they will leave a state. Moreover, if you try to offset federal tax decreases with state tax increases, you only make your state an outlier. That’s exactly what’s happening to New Jersey. The proof . . . For the fifth year in a row, New Jersey’s business climate has been ranked dead last in the country. And the annual United Van Lines study shows New Jersey is, once again, one of the leading out-migration states in the country, with nearly 50 percent listing “jobs” as their reason for leaving.
Continue reading Want lower taxes? Murphy should focus on pensions, aid to some schools
