Garden State Initiative and the Commerce and Industry Association of New Jersey hosted an economic policy outlook event at Park Avenue Club in Florham Park on March 6, 2025. Stephen Moore, a former chief economist for President Trump, delivered the keynote address. The panel included public affairs expert Bill Pascrell III and former New Jersey State Senate Minority Leader Steve Oroho. The event was moderated by attorney Alan Zakin.
GSI President Audrey Lane noted the event's importance for fostering discussions on economic policies affecting New Jersey. CIANJ President Tony Russo was also present, and Gannett/NorthJersey.com's Daniel Munoz covered the proceedings.
Stephen Moore, currently a Senior Visiting Fellow in Economics at The Heritage Foundation, provided his insights on taxes, tariffs, energy policy, and SALT. Moore urged for the Trump tax cuts to become permanent, aiming to enhance consumer confidence and drive economic growth. He expressed his reluctance towards tariffs, but praised President Trump for his negotiating skills and his potential to reduce global tariffs.
Moore discussed a Republican initiative to implement a $4.5 trillion tax cut, which may involve increasing the cap on state and local property taxes (SALT).
Bill Pascrell, a Democrat, and Steve Oroho, a Republican, contributed a local New Jersey angle to the discussion. They addressed issues such as Governor Phil Murphy's recent budget, which includes increased spending and introduces approximately $1.2 billion in new taxes.
