Senator Kevin O’Toole, R-Bergen, Passaic and Essex, said that Governor Jon Corzine’s budget speech included three more proposals that will drive jobs from New Jersey and increase unemployment that is already significantly higher than the rates in the neighboring states of Delaware, Pennsylvania and New York:
“Nothing kills more jobs during a recession than a tax increase on business. Yet the governor wants to force employers to pay another $350 million in taxes to bolster the unemployment insurance fund during the worst recession in memory. This comes as the state already ranks dead-last in polls that rank states on taxation of business.
“In the same speech, we heard the governor say he wants to raise taxes on homeowners by more than $500 million during a recession. He’ll do this by eliminating the deduction for property taxes from state income taxes, an average $6,800 deduction for most homeowners. One wonders what business would consider locating here knowing that its employees not only will pay some of the highest property and income taxes in the nation, but also won’t get relief in April with a deduction that so many other states allow.
“Finally, Governor Corzine wants to raise the income tax yet again on the top earners in this state. Many of these people have high incomes because they own businesses or run them. Taxing these entrepreneurs and executives will drive many of them from the state at time when desperately need them to create jobs and prosperity for middle class New Jersey.
“Democrat policies have ruined this state’s economy and its reputation with business. Nothing in the governor’s speech today indicates that he will do anything to reverse the losses of private sector jobs that have occurred during the first three years of his term. To the contrary, every proposal he makes shows that he just doesn’t understand what he’s doing to this state’s economy. We desperately need a change in leadership.”
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March 24, 2009 - O’Toole: Corzine’s ‘Temporary’ Taxes Will Cause Permanent Damage
May 21, 2009 - Oroho: Corzine Retreats on Property Tax Deduction, Raises the Income Tax Instead
March 20, 2009 - Corzine Should Be Held Accountable for 9.8 Percent Unemployment
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April 6, 2009
