Small businesses in NJ have been crushed under the burden of inconsistent, destructive and hypocritical foreclosure mandates. Of course, that was just another chapter in the suffering of small businesses in NJ.
Years before Governor Murphy trampled on civil and economic rights in the Garden State, small businesses suffered from onerous regulations and heavy taxes, the highest in the nation.
Then, when the state borrowed $1 billion from the federal government to cover the cost of unemployment benefits when the unemployment insurance fund ran out, it blocked the clawback on small businesses. That’s right, instead of using COVID relief money to pay down debt, the governor raised taxes.
To make matters worse, they donated millions to the “New Jersey Outcast Fund”, which is primarily for people here illegally. Recognizing of course that this is an election year and the Democrats aren’t looking so good heading into midterms – not to mention the likelihood of Murphy’s own run for president. in 2024 – the governor has acted. And again, made things worse.
Its solution to the burden of all taxpayers is to provide a tax credit of up to $1,500 to owners and renters. This will cost the state $2 billion of the current revenue surplus. So, instead of focusing on reducing the state property tax burden, which averages over $9,000. Worse still, small business owners, who also own property and pay property taxes, are left out.
As you know, I initiated the “Small Business Protection Act”, which outlines the essential steps that must be taken to empower our small businesses. One of the most important is that we prevent any government bureaucrat from deciding which business is “essential”. If you work to earn a living and support yourself and your family, YOU are essential.
Let’s not forget the FACT that lockdown states have experienced the highest economic devastation AND the highest mortality during pandemic lockdowns. Another essential part of the small business protection plan is to provide immediate tax relief.
My friend Michele Siekerka, who heads the New Jersey Business and Industry Association, joined me to discuss a bill that would pay off the billion dollar debt https://njbia.org/njbia-supports -tax-credit-offsetting-steep-ui -payroll-tax-increases-for-small-businesses/
Join me in this fight to protect and strengthen the backbone of New Jersey’s economy.
The above post reflects the thoughts and observations of Bill Spadea, host of New Jersey talk show 101.5. All opinions expressed are those of Bill. Bill Spadea is on the air weekdays from 6-10 a.m., speaking from Jersey, taking your calls at 1-800-283-1015.
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