How the minimum wage increase in NJ could affect your small business
Incoming Governor Phil Murphy has some bold ideas for the Garden State. Two of them involve raising your taxes and one will add to the already high cost of doing business in NJ. His millionaires tax is hitting resistances from Senate President Steve Sweeney and the fight to legalize marijuana and tax it for increased state revenue is hitting roadblocks as well. Since Murphy was the guy elected as the "Anti-Christie", he'll likely have a honeymoon period where the voters will be forgiving if he doesn't perform to expectations in the first 100 days. However, for a guy that I think is likely to run for President in 2020, he's gotta get something accomplished or be left behind by other 2020 Democratic aspirants, including Senator Cory Booker, NYC Mayor Bill DeBlasio and New York Governor Andrew Cuomo.
His plan of attack seems to rest on passing an increase in the minimum wage to an astounding $15-per-hour. This is surely to help drive small and mid sized businesses out of our state and cost many low income workers their jobs.
I was joined by a business owner this morning, Joe Olivo, who told me that he's already getting calls to relocate his business in Virginia. Jeanette Hoffman was also in studio as she is one of the key advocates for the opposition to the outrageous hike in business labor costs.
The experiment is certainly not working out so well for our friends in Seattle as the government forced the unfunded mandate on business and job losses and loss of working hours for employees resulted.
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