Tax Increases in the State Budget Could Cause ‘Collateral Damage’ to Economy – NJBIA – New Jersey Business & Industry Association

Tax Increases in the State Budget Could Cause ‘Collateral Damage’ to Economy – NJBIA – New Jersey Business & Industry Association

Tax Increases in the State Budget Could Cause ‘Collateral Damage’ to Economy

Sep25,2020

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Despite $700 million in tax increases, the budget legislators voted on Thursday actually didn’t include all of the tax increases that Gov. Phil Murphy had requested. John Reitmeyer at NJ Spotlight noted that business groups still criticized the tax hikes that survived the committee hearings.

He quoted Chris Emigholz, vice president of government affairs at NJBIA, who said the tax hikes will make the state a regional outlier.

“We have to think about the collateral damage that occurs to our economy,” he said.

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