On March 26, Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, addressed the Senate Budget and Appropriations Committee at the New Jersey Institute of Technology in Newark. Bracken expressed concerns about Governor Murphy's proposed $58.1 billion budget, which is the largest in the state's history.
Bracken highlighted that the budget does not adequately address New Jersey's economic future. He pointed out that increased spending without sustainable revenue growth is a problem, as evidenced by declining corporate business tax revenues. Proposed tax increases on sectors such as online gaming, logistics, real estate, and cannabis were mentioned as potential obstacles to business growth. Additionally, Bracken noted that cuts to economic development agencies and higher education could hinder progress.
"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."
He urged lawmakers to focus on making New Jersey more affordable and competitive for businesses. According to Bracken, failing to do so will exacerbate the state's economic challenges in the future.
