The Tax Cuts and Jobs Act will soon become law. Since the bill was proposed, the State Chamber has expressed its opposition.

Although we are pleased with, and applaud, the business and individual tax reductions, there are many aspects of the proposal that will be extremely detrimental to our state. The full impact of the legislation will put New Jersey into the category of one of only three to six states that will 'lose' after adoption. States with high income tax, high property tax and high real estate values will be hardest hit by the bill. New Jersey qualifies in all three categories.

While the final impact of the act will take some time to be accurately determined, there is no question that it will exaggerate New Jersey's very real and significant problems of affordability, out-migration and business competitiveness. We were beginning to make progress on these issues, but our positive momentum is about to be reversed in the wake of this legislation. Our great state deserves to be a better place for our citizens to live and work and, with all of our enormous assets, we should be one of the most attractive states for business. But we are not, and our path to getting there is about to become more challenging.

While we have no choice but to accept the new law, we do have the option to look within the state to identify and take mitigating action that will keep New Jersey moving in a positive direction. It is imperative that the new Legislature and new administration take a broad and introspective look at how we can counteract this so-called gift from Washington. We ask that this brainstorming include the business community, as all of us have a very strong and vested interest in New Jersey's prosperity.

#NJChamberNow

N.J. Chamber Members Network at BDO in Woodbridge

N.J. Chamber Members Network at BDO in Woodbridge

New Jersey Chamber of Commerce members exchanged business cards and discussed the latest Chamber programs, events and ways to grow

Read More
6th Annual N.J. Chamber Holiday Party

6th Annual N.J. Chamber Holiday Party

N.J. Chamber of Commerce members celebrated the start of the holiday season at Calandra's Italian Village in Caldwell on Nov.

Read More
BPU President Richard Mroz on Energy Delivery After Sandy: Balancing Reliability and Affordability

BPU President Richard Mroz on Energy Delivery After Sandy: Balancing Reliability and Affordability

Richard S. Mroz, president of the state Board of Public Utilities since 2014, discussed New Jersey's Energy Master Plan and

Read More
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • Default
  • Title
  • Date
  • Random
load more hold SHIFT key to load all load all