This month's elections highlighted economic concerns as a top priority for voters, prompting calls for policymakers to focus on fostering economic growth and stability. The New Jersey Chamber of Commerce has expressed support for the Murphy administration's recent executive order establishing a state Economic Council. This council aims to make New Jersey more attractive for business by facilitating dialogue between government leaders and the business community.
Tom Bracken, President & CEO of the New Jersey Chamber of Commerce, emphasized the importance of this initiative. "We view the executive order on the Economic Council as a first step that we hope transcends administrations, and includes legislative leaders from both sides of the aisle," he stated.
The announcement coincided with a report from the Tax Foundation ranking New Jersey 49th out of 50 states in tax competitiveness. The report highlighted several challenges, including high property taxes, corporate income tax rates, individual income tax rates, an inheritance tax, and aggressive taxation on international income.
In response to these findings, some progressive groups have proposed further tax increases to address structural deficits in New Jersey. Their recommendations include new business taxes and expanded sales taxes. However, Bracken criticized these proposals: "Raising taxes will almost certainly stifle job creation, drive businesses away, and further shrink our economy."
Bracken called for shifting discussions towards strategies that attract businesses and create jobs rather than debating tax hikes. He expressed hope that the Economic Council would aggressively tackle these issues to help New Jersey's economy reach its full potential.
