Tax relief needed for NJ small businesses (Opinion)

NJ small businesses have been crushed under the burden of inconsistent, destructive and hypocritical lockdown mandates. Of course, this was just another chapter in the suffering for NJ small business.

Years before Gov. Murphy trampled on civil and economic rights in the Garden State, small business suffered under onerous regulation and heavy, highest-in-the-nation taxation.

Then when the state borrowed a billion dollars from the federal government to cover the cost of unemployment payments when the unemployment insurance fund ran out, they stuck the payback on small business. That's right, instead of using COVID-relief money to pay off the debt, the governor increased taxes.

To make matters worse, they gave away millions to the "Excluded New Jerseyans Fund," which is mainly for people here illegally. Recognizing of course that this is an election year and the Democrats are not looking so good heading into the midterms — not to mention the likelihood of Murphy's own run for president in 2024 — the governor acted. And again, made matters worse.

His solution to the burden on all taxpayers is to throw a tax credit of up to $1,500 to homeowners and renters. This will cost the state $2 billion from the current revenue surplus. So instead of focusing on reducing the state property tax burden, which averages more than $9,000. What's even worse is small business owners, who also own property and pay property taxes are excluded.

As you know I've launched the "Small Business Protection Act," which outlines critical things that need to be done to empower our small business. Among the most important is that we prevent any government bureaucrat from deciding which business is "essential," If you're working for a living and providing for yourself and your family, YOU are essential.

Let's not forget the FACT that lockdown states had the highest economic devastation AND the highest mortality during the pandemic lockdowns. Another critical part of the plan to protect small business is to offer immediate tax relief.

My friend Michele Siekerka who heads up the New Jersey Business and Industry Association joined me to discuss a bill that would pay off the billion-dollar debt https://njbia.org/njbia-supports-tax-credit-offsetting-steep-ui-payroll-tax-hikes-for-small-businesses/

Join me in this fight to protect and empower the backbone of New Jersey's economy.

The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Bill Spadea. Any opinions expressed are Bill's own. Bill Spadea is on the air weekdays from 6 to 10 a.m., talkin’ Jersey, taking your calls at 1-800-283-1015.

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