New Jersey's 21st Legislative District

Senator Tom Kean, Jr.

Senator Tom Kean

Kean: Latest NJ Dem Income & Employer Tax Hike Proposals Are Dead

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The following is Senate Republican Leader Tom Kean’s speech as prepared for delivery at today’s press conference hosted by leaders from the New Jersey Chamber of Commerce; New Jersey Business & Industry Association; the New Jersey Society of CPAs; and the state’s largest trade associations:

“Picture this: A New Jersey employer or prospective New Jersey job creator in another state is watching TV. Their prime-time program is interrupted by an enticing invitation: Move here. Our state is so affordable you can spend your money on growing, hiring the best that the tri-state area’s workforce has to offer and increasing your success.

“The advertisement continues: We have lowered our CBT rate to among the lowest in the country; we’ve lowered income taxes, and we are offering you a 10-year tax break to start or grow your operations and workforce in one of our tax-free zones.

“This scenario is not some Republican tax-cutting, regulation-reducing fantasy. It is an ongoing marketing campaign by the State of New York and its Democrat governor that is winning them our hard-working residents, entrepreneurs and innovators.

“In this current environment of cut-throat interstate competition to attract employers and jobs, the message of lower taxes and greater opportunities is giving our neighbors across the Hudson and Delaware rivers a vast edge.

“It’s a divide that New Jersey Democrats are only making worse. From history, we already know the devastating economic impact if New Jersey Democrats get their latest income tax and employer tax hike proposals.

“Approximately one-third of residents who would pay more under the Senate President’s latest income tax hike proposal are New Jersey employers. Legislative Democrats are proposing to take money from private-sector employers that would otherwise be used to hire more workers, provide raises for hard-working employees, and valuable training for people in the workforce. Their newest tax hike scheme would cause layoffs and furloughs, increase consumer costs and prevent the very capital investments in equipment and technological upgrades or repairs that also support local jobs, economic growth and safety.

“In the interest of all of my constituents, I refuse to support this job-killing, opportunity-crushing tax increase.

“In this highest-tax state in the nation, pro-jobs and pro-opportunity leaders today are making clear to employers and the average worker that we won’t for a second entertain the Democrats’ devastating message for higher taxes.

“The Senate Republican caucus helped stop a Democrat income tax hike proposal from happening last year, and we’re not going to let it happen this time around.”

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