On March 26, at the New Jersey Institute of Technology in Newark, New Jersey Chamber of Commerce President & CEO Tom Bracken delivered testimony before the Senate Budget and Appropriations Committee, warning that Governor Murphy’s proposed $58.1 billion budget—New Jersey’s largest ever—fails to address the state’s fragile economic future.
Bracken criticized the continued trend of increased spending without sustainable revenue growth, citing declining corporate business tax revenues as a key indicator of an underinvested business community. He pointed to proposed tax hikes on online gaming, logistics, real estate, and cannabis, as well as budget cuts to economic development agencies and higher education, as measures that will stifle business growth rather than stimulate it.
“Our economy and business growth need to become a priority,” Bracken stated. “Let’s give our next governor a head start by eliminating new taxes and reversing budget cuts to vital departments and higher education.”
Bracken urged lawmakers to shift their focus toward making New Jersey a more affordable and competitive place to do business, warning that failure to act will only deepen the state’s economic challenges in the years ahead.