There’s a potential deal in the works that’s reasonable.
A dead plant resides near the window of a closed restaurant as the empty table and chairs of a neighboring restaurant are reflected in the window. Restaurants took a big hit during the pandemic. An automatic tax hike is about to hit New Jersey businesses just as most economists are predicting a downturn, and inflation recently rose to a 40-year-high of 8.6 percent: Yikes.
The total increase amounts to about $250 million in added taxes this fiscal year and an additional $600 million or more over the next two years. We need to at least to protect the smaller businesses from that loss of income, since they have the least capital to withstand any kind of downturn. Large businesses have their big profits to cushion the blow.
“over 70 percent of New Jersey businesses pay for scheduled unemployment insurance tax increases,” another of the bill’s sponsors, Assemblyman Roy Freiman, noted. . As of Sept. 2021, we owed $185 million to the feds, while California owed more than $19 billion and New York more than $8 billion. This was a case of our state actually being responsible.and providing targeted tax relief to businesses seems like a measured response.
might make New Jersey less competitive with our neighbors like Connecticut and Maryland, which are instead using federal dollars to replenish their UI funds. We could also plan to spend hundreds of millions on a particularly vulnerable industry, like New York’s governor is doing by training people to work in struggling industries like hospitals and nursinghomes.
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