The editorial board of the Asbury Park Press is concerned that the Governor’s economic growth plan unveiled Monday proposes nothing to improve the state’s worst-in-the-nation tax climate or the long-overdue reforms needed to make New Jersey more affordable.
“We were struck by the absence of any discussion in his strategic plan to jump start New Jersey’s economy about what was being proposed to we were struck by the absence of any discussion in his strategic plan to jump start New Jersey’s economy about what was being proposed to improve the state’s worst-in-the-nation tax climate.The plan made only one passing reference to making the state more affordable for businesses, small and large, to operate,” the editorial stated. “In fact, it was only addressed tangentially, and with a sense of resignation…”
On Monday, Murphy proposed creating the “New Jersey Innovation Evergreen Fund” by auctioning off tax credits. The move would raise $250 million over five years, which would be used to leverage another $250 million in matching funds from private venture capital firms.
The rest of the governor’s goals were vague, and don’t lend themselves to legislative initiatives the editorial stated.
“(There was) nothing about what many in the business community have long and loudly complained about the most: excessive taxation — and not just business taxes,” it said. “Murphy made no mention of the many long-overdue ideas contained in the Sweeney task force report on making New Jersey more affordable and New Jersey government more efficient.”