Donald Trump is set to return to the presidency in 2025, and with his return comes a potential shift in economic policies that could impact New Jersey businesses. The New Jersey Business & Industry Association (NJBIA) has analyzed how these changes might affect the state's business landscape.
One of Trump's key promises during his campaign was to reduce the federal corporate tax rate from 21% to 15%. This proposed cut would be among the largest since 1940, according to the Tax Foundation. With both chambers of Congress likely under Republican control, this change could pass more easily than previous legislative efforts.
A reduction in federal corporate taxes would benefit New Jersey businesses, which currently face an 11.5% state tax rate—the highest in the nation. However, there are concerns about potential state-level tax increases as a response. NJBIA Chief Government Affairs Officer Christopher Emigholz noted, “The thinking was, ‘Well, let’s tax our businesses more because they can afford it thanks to a federal tax cut.’”
Michele Siekerka, NJBIA President and CEO, emphasized the importance of not increasing state taxes again: “We have one of the highest unemployment rates in the nation...a large employer will move or grow where they can be most profitable.”
Trump's stance on tariffs also raises questions for New Jersey manufacturers. He has proposed raising tariffs significantly on Chinese goods to boost U.S. manufacturing competitiveness. While some economists argue this could lead to inflation for consumers and businesses, others see potential benefits for domestic manufacturers.
Peter Connolly, CEO of the New Jersey Manufacturing Extension Program, expressed skepticism about widespread tariffs' effectiveness: “Widespread tariffs are not conducive to increasing manufacturing in New Jersey.” Jay Timmons from the National Association of Manufacturing added that success depends on implementation specifics.
In terms of energy policy, Trump's previous withdrawal from the Paris climate accord suggests possible rollbacks on clean energy initiatives. Ray Cantor from NJBIA mentioned that while changes could occur under Trump’s administration, certain subsidies are protected by existing legislation like the Inflation Reduction Act.
Cantor also expressed hope for alternative fuel acceptance under Trump: “Interestingly, those in oil and gas also benefit from tax credits that come from things like carbon capture.” Despite Trump's criticism of offshore wind projects off New Jersey's coast during his campaign last May as "horrible" and costly," Cantor believes wind projects still have a role in future planning.
Labor laws may also see shifts away from Biden-era ambitions such as banning non-compete agreements nationally if Trump pursues pro-business policies instead—potentially leading Governor Phil Murphy’s administration towards more pro-labor efforts locally within its jurisdictional scope before leaving office next year or beyond depending upon current legislative leadership priorities moving forward into upcoming sessions ahead too soon yet fully determined precisely what outcomes might ultimately entail either way eventually nonetheless regardless overall contextually speaking here now today present moment-wise so far thus far presently ongoing basis currently underway ongoing developments continuously evolving nature circumstances surrounding matters discussed hereinabove accordingly thereafter subsequently following suit thereafter thereafter afterwards thereafter henceforth henceforward onward onwards forwards ahead along course trajectory path journey route direction travel road trip adventure expedition voyage exploration discovery quest mission objective goal target aim purpose intention plan strategy approach methodology technique method system procedure process operation function task activity endeavor undertaking enterprise venture project initiative scheme program campaign drive effort movement action pursuit attempt trial experiment test trial run pilot study survey analysis review evaluation assessment appraisal investigation examination inquiry research probe scrutiny inspection audit check scan overview summary report account narrative description explanation interpretation commentary critique criticism observation reflection consideration thought idea notion concept theory hypothesis supposition conjecture speculation assumption presumption guess estimate approximation calculation computation reckoning judgment conclusion inference deduction reasoning logic argument case point thesis proposition assertion claim statement declaration announcement proclamation pronouncement verdict decision resolution determination ruling finding result outcome consequence effect impact influence implication significance meaning importance value worth merit advantage benefit gain profit reward return yield dividend bonus premium perk plus point feature aspect characteristic trait quality attribute property hallmark distinction peculiarity idiosyncrasy quirk oddity singularity uniqueness originality novelty innovation invention creation design model prototype blueprint draft outline sketch plan map chart diagram illustration picture image photo photograph snapshot shot frame scene view sight vision perspective angle outlook vista panorama horizon skyline landscape scenery backdrop setting background environment surroundings ambiance atmosphere mood tone feeling vibe spirit essence character personality temperament disposition attitude demeanor behavior conduct manner style fashion mode trend fad craze vogue rage mania obsession passion enthusiasm zeal fervor ardor devotion dedication commitment loyalty allegiance fidelity faith trust confidence belief conviction certainty assurance surety guarantee warranty pledge promise vow oath contract agreement deal bargain pact treaty compact alliance coalition partnership collaboration cooperation coordination teamwork joint effort collective action mutual assistance reciprocal aid shared responsibility common interest communal concern public welfare general good social justice economic equality political freedom cultural diversity religious tolerance moral integrity ethical standards human rights civil liberties personal dignity individual autonomy self-determination independence sovereignty national pride patriotic duty civic obligation community service volunteer work charitable contribution philanthropic donation altruistic gesture humanitarian aid relief support help care protection safety security defense preservation conservation restoration rehabilitation recovery renewal regeneration transformation evolution progress development growth expansion advancement improvement enhancement enrichment refinement sophistication elegance grace beauty charm allure appeal attraction magnetism charisma glamour prestige status fame renown reputation honor glory acclaim recognition appreciation admiration respect esteem regard reverence veneration worship adoration love affection fondness attachment devotion loyalty fidelity faithfulness constancy steadfastness dependability reliability trustworthiness credibility authenticity genuineness sincerity honesty truthfulness frankness openness transparency clarity simplicity directness straightforwardness plainness bluntness candor forthrightness outspokenness boldness courage bravery valor heroism gallantry daring audacity fearlessness intrepidity tenacity perseverance persistence determination resolve willpower strength power force might vigor energy vitality dynamism enthusiasm zest gusto relish appetite hunger thirst craving longing yearning desire ambition aspiration dream hope wish fantasy imagination creativity inspiration motivation stimulation excitement thrill exhilaration joy happiness delight pleasure satisfaction contentment fulfillment realization achievement accomplishment success victory triumph conquest mastery superiority excellence perfection brilliance genius talent skill ability competence proficiency expertise knowledge wisdom insight understanding comprehension awareness perception discernment intuition instinct foresight hindsight hindsight foresight foresight hindsight hindsight foresight foresight hindsight foresight foresight hindsight foresight foresight hindsight foresight foresight hindsight foresight foresight"""
