Governor Phil Murphy's state budget proposal for fiscal year 2026, amounting to $58.1 billion, is the focus of criticism from NJBIA President & CEO Michele Siekerka. Speaking on News 12’s ‘Power & Politics,’ Siekerka described the budget as “unsustainable,” citing structural deficits and new taxes that she believes should be eliminated.
“We’re spending more than we’re bringing in,” Siekerka explained to News 12 anchor Eric Landskroner. “We’re overspending, we’re not taking care of our debt issues, and we’re creating new taxes. That is not a formula for affordability, which is what New Jersey residents have been asking for.”
The budget, due to be reviewed and voted on by the Legislature by June 30, proposes over $1 billion in new taxes and spending. Siekerka criticized cuts to economic growth programs, including initiatives in manufacturing and higher education.
During the interview, Landskroner asked Siekerka to list the “most offensive” taxes in the budget. Siekerka cited increases in the realty transfer fee, expansions of sales tax to activities like bowling, and higher taxes on internet gaming and online sports betting as primary concerns.
She expressed concern that increased realty transfer fees on homes valued at over $1 million may further strain New Jersey’s housing market. The new taxes on internet gaming and online sports betting were also condemned.
“We take advantage of anything that starts to be even slightly successful here in the State of New Jersey,” Siekerka stated. “Internet and online gaming have created hundreds and hundreds of jobs … those jobs will go away.”
Landskroner asked Siekerka about what she would recommend cutting from the proposed budget. She highlighted the need to prioritize correctly.
“Number one, I would wipe those taxes right off and I’d say, ‘Where are we going to save $1.2 billion because we can’t, we just can’t afford to tax folks anymore,” Siekerka said.
Siekerka advocated for restoring cuts in community college funding and manufacturing investment programs, which she sees as crucial for workforce and economic development.
“We need to restore the $20 million cut to community colleges,” Siekerka emphasized. “Community college is the heart and soul of workforce development … and if we can’t support our community colleges we can’t upskill.”
The full interview is available for viewing on News 12’s website by accessing the second video on their page.
