Are Corporate Tax Breaks Really Creating Jobs In NJ? [AUDIO]
Since Chris Christie was sworn in as the Governor of New Jersey a couple of years ago, the Garden State has given $1.57 billion in tax breaks to dozens of large corporations too stay in, move to, or expand in Jersey and create new jobs.
Some are wondering if this kind of investment is really worth it.
The Governor says some of his tax incentive programs were developed during the Corzine Administration, and many others have been put forth by democratic lawmakers, but the bottom line here is “we’re in a competition with all the other states – other states are doing the same thing – and as the job market has gotten more competitive all states are using tax incentives more aggressively to try to put their people back to work.”
As to whether or not this kind of approach is paying employment dividends for the state, Christie says “talk to all the construction workers at Revel who’ve been working – and are still working because of it- and the folks who are going to work at revel – which when I became Governor was standing there with nothing happening -now we have people in there gambling, being entertained, and we’re going to have a big opening with Beyonce on Memorial Day Weekend – I think that’s pretty good.”
He also points out “in a bunch of other areas I think we’ve done very well- Prudential now getting ready to expand in Newark and build a whole other new tower – bring more people from other parts of the country into New Jersey to work here…the incentives are tied to the guarantee of a certain number of jobs – so I think they’ve been successful…people are able to support their family, able to pay their mortgage, able to put food on the table: I mean that’s the context in which it should be judged.”