Sweeney’s Tax Fix: Make America’s Worst Business Climate Even More Toxic?

By Matt Rooney
Steve Sweeney

Early hopes that Senate President Steve Sweeney (D-3) would check or even “moderate” Governor Phil Murphy’s far-left instincts are, it now seems, little more than a pipe dream, Save Jerseyans.

C’est la vie! In New Jersey at least.

Remember when he announced that Murphy’s desired millionaire tax no longer made sense? In light of federal tax reform?

On Tuesday, Sweeney said he’s got another brilliant idea: a 3 percent surcharge on New Jersey’s corporate business taxes for any corporation earning more than $1 million.

How is that better, exactly?

According to the Tax Foundation, New Jersey already has the country’s worst overall business tax climate; its corporate tax rate WITHOUT Sweeney’s new proposal is the 42nd worst.

It defies logic for Sweeney to argue (1) he’s concerned about the millionaire’s tax driving people and businesses out of New Jersey while (2) simultaneously pitching something that would make our already-toxic business climate even worse.

“Instead of fighting over how to make the state more affordable, the majority is fighting over which taxes to increase,” opined Assemblyman Anthony Bucco (R-Morris), touching the problem with a pin. “New Jersey does not need another tax increase making it harder to earn a living or run a business in our state.”

It’s also more evidence that New Jersey Democrats STILL refuse to come to grips with New Jersey’s spending problem, choosing instead to pretend this is a “revenue problem” which we can solve by squeezing the remaining taxpaying saps who haven’t (yet) escaped to cheaper states just a little bit harder.

This surcharge gimmick is only one facet of our impending economic nightmare. Don’t forget: New Jersey businesses also face mandatory paid sick leave and a $15-an-hour minimum wage among other job-killing policies all of which are currently in the legislative pipeline. 

New Jersey’s salvation is going to need to come from outside of the Democrat establishment,f olks. If that wasn’t obvious to you before? It is today.