New Corporate Transit Tax will charge 2.5 percent on businesses to pay for NJ Transit
EVESHAM – Senator Latham Tiver and Assemblyman Michael Torrissi took Governor Murphy to task for his 2025 budget plan to tax New Jersey businesses 2.5 percent to pay for the mismanaged NJ Transit.
“This new tax is an assault on not just the businesses of South Jersey, but everyone down here. To force South Jersey businesses to pay for something our region so seldomly uses is bad policy. This will put people out of jobs and raise prices on consumers at a time when inflation is still high,” Tiver said.
In a recent South Jersey policy guide, the Chamber of Commerce Southern New Jersey called the region a “transit desert with little passenger rails service.” While services are almost nonexistent south of Camden, the region’s businesses would have to shoulder an equal part of the funding.
“Until NJ Transit proves that it is serious about making life better for the people I represent, I don’t want any more of their money going to fix its shortcomings,” Tiver declared.
The 8th District Legislators called on Murphy and Trenton Democrats to first prove that they can fix mismanagement issues that have led to a billion-dollar shortfall in the NJ Transit budget.
“We’re putting a new paint job on a boat with a hole in it, expecting it not to sink,” Torrissi said. “First we have to figure out why NJ Transit is failing at such an alarming rate instead of just throwing more and more taxpayer money at it every year.”
The new Transit Tax would tax all businesses 2.5 percent with profits of more than $10 million. New Jersey had the highest corporate tax rate in the nation from 2021-2023 and would continue that path if this bill is passed. The state also has the highest property tax rate, 8th highest sales tax, 50th ranked business climate, and the 4th highest income tax rate.
“When is it enough? We are already the highest-taxed state in the nation. It’s time to look inward and wonder why the long-term Democratic leadership of this state hasn’t been able to make do with its already bountiful riches of taxpayer dollars,” Torrissi continued.
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