By Matt Rooney | The Save Jersey Blog
Yesterday we talked about how individuals are fleeing New Jersey faster than any other state in the union, Save Jerseyans, either because they can’t find jobs or can’t afford to live/retire/die in the Garden State. There’s a reason for it. Large corporations and small businesses that produce good-paying jobs haven’t fared any better, particularly in our state’s once-vibrant pharmaceutical industry. The recent departure of Mercedes-Benz proves it’s not an isolated phenomenon.
Mercedes was very open about why they’re leaving: taxes. Georgia, where the top corporate tax rate is 6%, offered them additional tax incentives. Any relocating employees will have approximately half the tax load they currently shoulder here in New Jersey. It was a no-brainer.
Trenton Democrats are responding by… raising corporate taxes.
The Democrat FY 2016 budget unveiled Tuesday would raise New Jersey’s top marginal corporate tax rate from its current 9% to a whopping 10.35% (in addition to raising the income tax for top earners from 8.97% to 10.75%).
Forget Georgia. That would put New Jersey at #2 in the nation for corporate taxes, second only to Iowa (their top marginal rate is 12%). We would leapfrog Pennsylvania (9.99%) and our other regional neighbors. Unless Democrats can figure out a way to make it illegal for corporations to exercise their right to traverse state lines, Save Jerseyans, the math here is unarguably deadly.
They can’t ALL be dumb, right? Someone in the Democrat caucus must be able to count? And find his or her ass with a map?
Of course. Don’t lose sight of what this is really, truly all about: machine politics. Democrats made a Faustian pact with public sector unions that’s kept them in power here in New Jersey for most of the last decade. Once competitive districts like LD14 are now completely off the map. Labor power counts even more in low-turnout years like 2015.
So these reckless assholes are consciously willing to bankrupt New Jersey by driving all of our taxpayers, individual and corporate, to other states, and exodus of wealth that’s destroyed our state’s job market and precipitated the state fiscal crisis. All to keep winning elections. Again, the math is clear; for example, their millionaire’s tax won’t come close to closing the gap even if it does what they say it will. Which it won’t.
Did you get a chill just now? If not, have a cup of coffee and start reading again from the beginning.
Here’s hoping they have fun ruling a state without taxpayers.