PRESIDENT ’ S VIEW
PRESIDENT ’ S VIEW
CIANJ Voices Concerns Over $ 55.9 Billion State Budget
By Anthony Russo President , CIANJ
As a business advocacy organization , one of the most important things CIANJ can do each year is review the budget proposed by the governor and share its concerns with the state legislature before the spending plan is adopted . The $ 55.9 billion budget proposed by Gov . Murphy impacts every resident and business by establishing programs and policies that affect many aspects of our lives .
I ’ d like to share with you the testimony I presented to the state Senate Budget Committee as president of CIANJ . Here were my remarks :
Before I get into our concerns with this year ’ s proposed State Budget , I want to share some feedback we received about last year ’ s budget process . Many of our members were disappointed to see the details of the final Budget were not released to the public before a vote was taken in the Legislature .
The reason we are testifying today is so that we can share our views with the Legislature on the Governor ’ s proposed State Budget . The Legislature will hear from multiple stakeholders and groups about what they like and don ’ t like in the State Budget . Some groups may ask for money and others will ask that the Budget be reduced . As you know , this is an important process and we thank you for the opportunity to provide such input .
The deliberative and open process , such as these public hearings , are important to our democracy and we hope the Legislature gives the public an opportunity to weigh in on the final details before a vote is taken . Ultimately , you as our elected officials , will cast a vote , we just believe the more feedback you receive and the more perspectives you have on the details , the better informed you can be when you cast that final vote . Transparency and accountability are key to a strong government . We implore the Legislature to give the public an opportunity to comment once the details are finalized .
Regarding this year ’ s proposed State Budget , CIANJ continues to be concerned with the increase in spending to $ 55.9 billion which includes a surplus of $ 6 billion . While there are many programs and initiatives we support , such as the full pension payment , aid to higher ed , etc ., we have all experienced times when
revenues fall short , which will in turn puts pressure on the taxpayers of New Jersey to pay more . Is this level of spending sustainable ? We urge the Legislature to use the surplus to pay down our debt and / or to reduce taxes on our businesses , which will in turn help our economy .
We are also concerned with the Governor ’ s proposed Corporate Transit Tax on businesses to fund NJ Transit . Implementing a funding
The deliberative and open process , such as these public hearings , are important to our democracy and we hope the Legislature gives the public an opportunity to weigh in on the final details before a vote is taken .
source for NJ Transit on the backs of businesses is the wrong approach to fixing our public transit system . This will only deter new investment in our State because it is yet another tax on business . We were thankful and encouraged last year when the Corporate Business Tax surcharge was phased out and now a year later , a new tax on business is being proposed which could impact many more companies .
CIANJ also opposes the $ 1 a truck excise tax on warehouses . New Jersey should be celebrating the fact that the port of Newark / Elizabeth has become the largest in the nation in terms of commerce and shipping . The logistics industry in New Jersey is vital to our economy providing thousands of good-paying jobs and New Jersey should do everything it can to assure it continues to prosper . This tax does not help accomplish that goal and should be removed .
The economic pressures our businesses face every day are real and constant . Whether it is the ability to attract and retain a workforce , meet customer demands , keeping up with changes in technologies , geo-political pressures , and overall market pressures place a burden on our businesses to stay competitive and stay ahead of it so they remain viable . Unfortunately , inflation is still a reality facing many of our businesses . Adding new taxes at this point when New Jersey has received or will receive millions of dollars from the Federal government to aid in the development and maintenance of our infrastructure will break the backs of many businesses .
In conclusion we hope the focus on this year ’ s State Budget will be on expanding our tax base so we can all benefit from the private sector jobs that will be created and the additional tax revenues realized . We hope the process remains open and transparent and we hope the corporate transit tax and the truck excise tax are dropped from the final budget and overall spending is reduced .
Thank you for your leadership and for the opportunity to present this testimony .
CIANJ is supporting initiatives to aid NJ higher education , such as Rutgers University ( above ).
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