The Supreme Court says they're people.
Will the assault on America’s beloved corporate giants never end? How can these oft maligned organizations be expected to produce shareholder value if forced to pay a draconian 2.5% surtax on top of a single digit corporate tax rate? Sure you pay a much higher tax rate on your income, but you’re just a private citizen, not a corporation. You probably don’t even have an HR department.
In 2018 New Jersey adde the surtax in 2018 and it juiced revenues by a billion dollars. Since then the economy has hummed along just fine, despite the hew and cry from the corporate class that the 2.5 percent surtax would kill jobs, cause a corporate exodus and ultimately lead to the downfall of society or something. None of that happened. Unemployment is 3.5 percent and the corporations have yet to make for the Delaware. Maybe they’re still packing.
The aforementioned surtax is set to expire soon and there’s a pretty strong case that it shouldn’t. Murphy promised to let it expire but he should break that promise and let it ride. Sure, the business community and their boosters will pitch a fit, because that’s what they do, but tough. New Jersey has one of the most highly skilled workforces in the nation and proximity to the financial center of the universe.
Keep the surtax for the foreseeable future and if conditions happen to change down the line we can revisit it. That’s what legislatures are for.
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