The topic of Gov. Phil Murphy’s proposed $1 billion tax on New Jersey’s largest employers, for use as a dedicated funding source for NJ TRANSIT, was front and center on this weekend’s Minding Your Business on News 12+.
And three of the most prominent businesses voices in the state said it was a terrible idea.
NJBIA President and CEO Michele Siekerka told host Bob Considine that if businesses don’t “pick up their toys and go home,” New Jersey could see the “quiet quitting” of its corporations.
“If they have multiple assets outside the state of New Jersey, they’re going to grow outside the state of New Jersey,” Siekerka said.
Chamber of Commerce Southern New Jersey President and CEO Christina Renna noted there isn’t much access to NJ TRANSIT for employers, workers or residents in the southern part of the state.
“At the end of the day, it becomes taxation without access,” she said. “Is that fair?”
New Jersey State Chamber of Commerce President and CEO Tom Bracken noted that the proposed tax was a “momentum stopper” for New Jersey, particularly in light of the World Cup coming to the Meadowlands in 2026.
All three businesses leaders said they hope the Legislature understands the ramifications of the new tax.
“This is a proposal, it’s not done yet,” Bracken said. “Quite frankly, if the Legislature decides not to do it, it turns a big negative into a huge positive.”
NJBIA’s “Minding Your Business” is a weekly TV show, and winner of two 2023 Telly Awards, that airs on News 12+ at 9:30 a.m. every Saturday and Sunday, as well as 7:30 p.m. on Saturday.
