Gov. Phil Murphy’s State of the State speech fortifies N.J. as worst state to do business.
Bigger government, more regulations, higher spending, increased taxes was the theme. The out migration of the tax base of the wealthy, businesses and middle class was never mentioned.
Murphy uses salami tactics convincingly that each business mandate is just. Cumulative impact on business and jobs is ruinous. The minimum and tip wage increases, paid time off, high income, property and sales taxes make N.J. non-competitive.
No need to go south. Pennsylvania has few mandates and much lower taxes.
Murphy insists on a 10.75 percent tax rate on millionaires. New York Gov. Andrew Cuomo said, “tax the rich, tax the rich and they will leave.” Gulf Coast of Florida should be named the New New Jersey.
Murphy earmarked scarce tax money for illegals and $9.5 million to fund abortions. He cares more about divisive liberal issues than struggling families who need property tax relief.
In January 2018, I suggested N.J. should tax small businesses at the business entity instead of owner’s personal return. This avoids $10,000 federal deduction limit on state income taxes, which will save N.J. small business $450 million federal taxes annually.
In 2018, the State Senate passed this no brainer solution 40-0. Murphy killed it. It passed both houses in 2019 unanimously. But Murphy delayed signing it until 2020. The combined $900 million in tax savings would have pumped billions into N.J. with the economic multiplier effect. Hundreds of millions in state income and sales taxes for property tax relief and jobs would have been created. That lost N.J. revenue and jobs is on Murphy.
Murphy is not only inept, but a hypocrite. He made hundreds of millions on Wall Street as a capitalist. For redemption to his vain soul, he is now a liberal socialist.
Bill Love
