Senator Joe Kyrillos

September 23, 2008

Contact: Andy Pratt / 609-292-5199
A More Affordable NJ, Senator Joe Kyrillos (R-13), Senator Steve Oroho (R-24), Senator Tom Kean (R-21)

Republican Leaders Call on Governor to Commit to Building an Entrepreneurial New Jersey

At a news conference today, Republican Senate Leader Tom Kean, Senators Joseph Kyrillos and Steven Oroho, Republicans on the Senate Economic Growth Committee, and Assembly Republican Budget Officer Joseph Malone said that Governor Corzine has to do more than promote public works projects and community banking pools to help New Jersey’s economy to begin creating good jobs again:

“New Jersey must develop an entrepreneurial economy,” Republican Senate Leader Kean said. “Instead, under Governor Corzine, we have created an economy where bureaucracy and poorly conceived tax policies stymie the entrepreneurial spirit. The result is a state where it grows harder and harder for our best and brightest to create the jobs and prosperity on which our future depends. It’s time for our state to have a growth strategy second to none. We call on the governor to help us create a vibrant, entrepreneurial culture in New Jersey.”

“Private sector growth started to fall behind the rest of the nation’s when the Democrats went on an unprecedented borrowing and spending spree six years ago,” Senator Kyrillos said. “Now, in spite of overwhelming evidence to the contrary, Governor Corzine says the only thing we can to do to strengthen the New Jersey economy is to borrow and spend more. We disagree. We think the only way to create good jobs and secure the future of our children for the long term is to create an economic climate that’s favorable to entrepreneurs and small businesses.”

Senator Joe Kyrillos (R-13) talking about the New Jersey economy on September 23, 2008. Also pictured are Senator Steven Oroho (R-24) and Senate Republican Leader Tom Kean (R-21).

“As George Santayana said, those who cannot remember the past are condemned to repeat it,” Senator Oroho said. “We have a weaker economy than we should have going into this likely recession because we are overtaxed and ineptly regulated. Government grew exponentially over the last six years, and, no surprise, private sector job growth sagged. We can’t generate prosperity by overtaxing the state to pump money to a few politically favored constituencies. Any job creation program must be designed to bring prosperity to all by building the right infrastructure and economic climate to attract and keep innovative companies in New Jersey.”

Senator Steven Oroho (R-24) talking about the New Jersey economy on September 23, 2008. Also pictured are Senate Republican Leader Tom Kean (R-21), Assemblyman Joe Malone (R-30) and Senator Joe Kyrillos (R-13).

Senators Oroho, Kean and Kyrillos, and Assemblyman Malone called on the governor to throw the full weight of his office behind a package of economic development bills that has been languishing for more than three years. The bills have the support of business leaders from all parts of the state. They were included in the Republicans’ Common-Sense Plan for a More Affordable New Jersey released in May. If the governor is serious about jump-starting the state’s economy, he will publicly support:

S-263 (Kyrillos/Cardinale) – Lets entrepreneurs carry more operating losses forward so they can use them to lower taxes in more years. The business community considers this change vital to job growth.

S-281 (Kean, T.) — New Jersey Economic Development Promotion Act would jump-start languishing economic development efforts in the state and free up formidable resources to allow expansion of economic development efforts.

A-1449 (DeCroce, A) – Single Sales Factor bill changes law so businesses that are based in New Jersey aren’t taxed more than companies that locate their offices in neighboring states. This is one of the highest priorities of state business leaders. Neighboring states do this when New Jersey does not, putting our economy at a huge disadvantage.

S-1874 (Oroho) — Eliminates a rule almost unique to New Jersey that allows the state to tax business revenue that is not taxed by another state. It’s an illogical penalty against businesses that locate in our state.

S-276 & S-2114 (Kyrillos) — Reforms business incentive grants to allow more job-creating businesses to benefit.

S-1466 (Kean, T.) — Expands Urban Transit Hub law to any municipality with a commuter rail station. This allows all towns to stimulate more business growth around the train stations that have spurred economic growth in the state.

Malone said the one thing that New Jersey cannot afford in its effort to jump-start the economy is higher taxes and suggested that Governor Corzine begin looking to rein-in government spending now.

“The economic turmoil of the past week should serve as a wake-up call to the administration that it is time to change the budget policies of recent years,” Malone said. “The state’s economy was damaged by tax and spend policies. If we do not begin to cut back on unnecessary spending immediately, we can be sure more tax increases will be around the corner, and that is no way to promote economic growth.”

Link to Post:

http://www.senatenj.com/index.php/kyrillos/kean-kyrillos-oroho-and-malone-failed-corzine-strategies-wont-create-jobs-in-tough-times/1122

   |    Print This Post