To no one’s surprise, New Jersey’s business community was not happy with the agreement on a $400 million income tax increase tax this week.

The increased top income tax as part of the current FY2021 budget negotiations was passed off by Gov. Phil Murphy and legislative leaders as middle-class relief through $500 rebates. NJBIA President and CEO Michele Siekerka called it a gimmick.

“(Middle-class New Jerseyans) are getting more costs put on them,” Siekerka told NJTV Business Correspondent Rhonda Schaffler. “With all of the new taxes put on the state of New Jersey – this is not relief.”

To see the full video report, click here.