NJTV’s Brenda Flanagan focused on revenue raisers in the budget that legislators approved earlier this week. They include the governor’s millionaires tax, which would yield $390 million, except that it includes a $500 rebate for certain families earning less than $150,000, payable next year. Other tax hikes include a higher levy on Health Maintenance Organization premiums, $103 million, and a freeze on the Corporate Business Tax surcharge at 2.5%, $210 million. Republicans consider the rebates a political candy machine.
Business advocates claim the budget underestimates revenues and over-borrows billions.
“And what are we doing? Kicking our businesses when they’re most down. Raising taxes on them while they’re still prohibited from fully opening,” said Michele Siekerka, president and chief executive officer of NJBIA.