New Jersey Senate Republicans renewed their calls today for legislative Democrats to allow long overdue tax cut and consistency reforms that are more necessary than ever given a monumental reduction plan that is about to be made law by competitor state North Carolina.
On Wednesday, North Carolina’s General Assembly positioned the state to grab even more families and jobs from New Jersey by passing their “Tax Simplification and Reduction Act,” which is expected to be swiftly signed by Gov. Pat McCrory.
North Carolina’s Act is hailed, in part, as:
- “An impressive trifecta that will slash the personal income tax to 5.75% from 7.75%; cut the corporate tax to 5% from 6.9%; and eliminate the state death tax” – Wall Street Journal;
- A plan that “Blew other state’s away” – Carolina Journal Online;
- One that overall helps businesses and individuals – Triangle Business Journal;
- And Tax Foundation economist Scott Drenkard considers it “1 of the 3 most beneficial state tax reforms in the last decade.”
Given this news, on Wednesday, Senate Republican Leader Tom Kean Jr. and Senate Budget & Appropriations Committee member Steven Oroho urged Trenton Democrats to move in a bipartisan fashion to adopt overdue tax cuts and restructuring measures for the people of New Jersey.
Senator Kean (R-Union, Somerset, Morris) said today:
“New Jersey’s high taxes and affordability issues remain the people’s top concern. It is the reason why residents regularly suffer, as family, friends, innovators, job creators, college students and graduates leave this state for North Carolina. Now, the Tar Heel State is making more moves to blow us away. For legislative Democrats to keep us from fully addressing this state’s top issue is an outright travesty of public service.”
Senator Oroho (R-Sussex, Morris, Warren) said today:
“Thanks to bipartisan tax reforms, we have consistently been gaining private-sector jobs each month (including 4,600 added in June, announced today) and have stopped the excessive annual growth of property taxes that people endured throughout the course of the last decade. But we must collectively do more to finish the job. In order to improve our competitive economic position, we need to advance additional bipartisan, common sense tax cuts and reforms in New Jersey similar to what North Carolina is getting done to make their state even more affordable for families and attractive to employers.”
According to a national study released earlier this year, New Jersey has the highest ratio of people moving out compared to those moving in, while North Carolina has one of the highest ratios of people moving in.
According to the U.S. Census Bureau’s most-recent data, in 2010, approximately 10,374 people moved from New Jersey to North Carolina, while 2,482 people moved from North Carolina to New Jersey (net 7,892 people from New Jersey to North Carolina in 2010).