The proposed $40.1 billion budget Governor Murphy announced Tuesday morning simply does not reflect the stark reality of our times. And we need your help to convince the Legislature to fix it.
Instead of keeping expenses low for our taxpayers, Governor Murphy is raising taxes and making New Jersey businesses less competitive. Instead of holding the line on spending, Governor Murphy has proposed spending $1.4 billion more than the prior year, a 3.6% increase, and $5.4 billion (15.6%) more than the budget three years ago before he took office.
And instead of taking the opportunity to pursue the structural reforms that are so desperately needed to right-size our state budget and make New Jersey more affordable, this governor offers more of the same tax-and-spend policies that have brought us here to the edge of the fiscal cliff in the first place.
New Jersey businesses have already sacrificed their revenues and livelihoods to prevent the spread of coronavirus by shutting down their operations. Business owners have tapped their own savings and taken on new debt to keep from going under completely, and to continue paying their employees what they can. New taxes on the very same businesses that have already given so much and are the only ones that can drive our future recovery is inconceivable considering that the state was just given $9.9 billion in borrowing authority.
NJBIA is asking you to join us as we call on the Governor and our Legislature to fix this irresponsible budget.