NJBIA Chief Government Affairs Officer Christopher Emigholz took issue on Wednesday with a progressive group’s call for higher taxes on corporations, noting New Jersey businesses already pay a higher share of the total tax burden in this state compared to businesses in other states.
In an op-ed in the New Jersey Globe, Emigholz rejected New Jersey Policy Perspective’s arguments in support of the governor’s proposed 2.5% Corporate Transit Fee that, if enacted, would raise corporate businesses taxes to a top rate of 11.5% – the highest in the nation.
Emigholz said the “myopic mantra of holding corporations accountable to pay their fair share” ignores the fact that New Jersey corporations now pay 45.3% of the total tax burden in New Jersey, while businesses elsewhere collectively pay about 40% of their state’s tax burden.
According to a recent report from the Council on State Taxation (COST), New Jersey businesses collectively paid $34.1 billion in state and local taxes in FY22, Emigholz noted.
“When New Jersey businesses are the only state in the nation in the top tier of the four major business taxes, we can affirmatively say they are paying well beyond their fair share,” Emigholz said.
Go here to read Emigholz’s entire op-ed.
