Top NJ Lawmaker Proposes Raising Business Tax Rates

Top NJ Lawmaker Proposes Raising Business Tax Rates

Some states and localities allow people to prepay their state and local taxes, including property taxes, but other states and localities that don't had to interpret exactly what that meant for their residents. "They didn't work for it".

The idea calls for reallocating $127 million from districts that get more aid than their current enrollment would provide to districts that are considered underfunded. "But we're going to give that some more thought, absolutely".

Sweeney expects the proposal could bring in roughly $657 million per year.

The proposal includes $431 million in new special education aid, particularly for reimbursing districts for expenses above and beyond the flat rate of special education funding each district already receives.

"This isn't me against him", Sweeney said.

Senate President Steve Sweeney said at a news conference his plan would impose "surcharge" on businesses making over $1 million.

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"Perhaps it's an additional weapon at our disposal", he said. "Therefore, this proposed 3 percent tax increase would be on top of the federal tax burden these companies are now paying and could increase the taxes paid by affected companies by up to 50 percent".

Would allow small business owners and partners to deduct full amount of state tax on federal returns. "The federal tax cut was an assault and an attack on the people of New Jersey".

"It hurt New Jerseyans, period". Democrats - you remember, the party of the common man and woman - in those three states are working to enact tax breaks for the wealthy.

"Companies are increasing wages".

The state Chamber of Commerce and New Jersey Business and Industry Association said in a joint statement they're concerned the change would make New Jersey less competitive compared to Pennsylvania. "You can rest assured that this increased CBT charge to them now will absolutely cause them to pause on those reinvestments while they figure out what the ultimate impact to them will be".

At 12 percent, New Jersey's corporation business tax rate would tie with Iowa as highest in the USA, though Iowa allows businesses a deduction for federal income taxes paid.

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