NJBIA Chief Government Affairs Officer Christopher Emigholz issued the following statement regarding results of a Monmouth University poll released on Monday that showed slight support for a new Corporate Transit Fee to fund NJ TRANSIT.
“The Monmouth University Polling Institute typically does very fine work. But with great respect, it would have been nice to provide some additional context in its question about the proposed Corporate Transit Fee that noted it would be an additional surtax on businesses, one that would give them the highest corporate tax rate in the nation, by far. Even the context that New Jersey’s largest corporations are already paying the fourth-highest top CBT rate in the nation would have been welcome and appropriate in the question.
“Obviously, in a single question, we would not expect any pollster to put the full context of:
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How having the highest business taxes in the nation strikes at New Jersey’s competitiveness;
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Or the proven stimulative economic plusses resulting from states which have lowered their corporate taxes;
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Or how most states don’t use corporate taxes to fund their transit systems;
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Or how many New Jersey corporations have employees where NJ TRANSIT service isn’t available;
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Or how Governor Murphy reversed his decision to sunset the CBT surtax on a whim, reneging on a promise that upended how corporations plan and invest;
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Or how NJ TRANSIT isn’t facing a fiscal cliff this year;
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Or how a new business tax isn’t even necessary given a multi-billion-dollar surplus in the FY25 budget.
“But given all that, it doesn’t really matter how popular or unpopular the proposal is. It’s simply terrible policy, one that is punitive to our businesses that deserve much better from our policy leaders, and one that would ultimately hurt New Jersey’s economy.”
