ANOTHER BUDGET, ANOTHER LOST OPPORTUNITY FOR LAWMAKERS TO HELP SMALL BUSINESS

Date: June 25, 2015

ANOTHER BUDGET, ANOTHER LOST OPPORTUNITY FOR LAWMAKERS TO HELP SMALL BUSINESS

TRENTON (June 25, 2015): As the legislative budget season
comes to a close, many last minute changes to policies impacting small business
in New Jersey are being bantered about, much to the dismay of the National
Federation of Independent Business (NFIB) who has been championing regulation
reduction and a more favorable tax climate in the state.

 

“Lawmakers, as usual, are focused on the wrong things.
Instead of using this time to work together to make our state more hospitable
to small businesses and the jobs that they create, they are attempting to
increase regulation and impose harsh mandates on those that need help the
most,” according to Laurie Ehlbeck, NFIB New Jersey State Director. “Increasing
workers compensation costs to employers, attempting yet again to implement a
millionaires tax that impacts those making significantly less than a million
dollars and attempting to impose paid leave are bad ideas for business a sure
fire way to stall our economic recovery even further.”

 

A1908/S929 – concerns certain worker’s compensation
supplemental benefits – imposes an increased cost on employers to fund a new
cost of living adjustment on worker’s compensation benefit rates for certain
disability cases that have occurred since 1980.   

 

“New Jersey employers are already paying the second highest
surcharge in the nation for workers compensation costs. It is outrageous that
lawmakers are sending the Governor a bill that imposes an increased cost on
employers for compensation benefits and we certainly hope that he will use his
line item veto on the additional burden being created for small business.”
Stated Ehlbeck

 

A4602/s2918– raises the gross income tax rate on taxable
income exceeding $1,000,000 from 8.97 to 10.75 percent for a temporary four
year period and restores the earned income tax credit to 25 percent of the
federal credit. 

 

According to Ehlbeck, “Raising taxes of any kind is not only
the lazy solution to New Jersey’s budget crisis, but it is the most definitive
way to deter small businesses from being willing to operate in our state. At
NFIB we hear constantly from small employers that pay their taxes as individual
filers who will not only be detrimentally impacted by this legislation, but no
doubt be left questioning whether or not to continue employing people in our
state.”

 

In addition to an increase in taxes and workers compensation
costs, Democratic law makers are expected to present Governor Christie with
paid leave legislation as well. According to John O’Connor, owner of Shade Tree
Garage and a member of NFIB, proposals like paid leave are offensive to small
business owners.

 

“I personally resent the view that somehow business owners
exploit their employees.  My employees are my most valued asset and I
would do anything for them. The government will never care about people as much
as their employers, churches and neighbors,” Said O’Connor

 

NFIB will continue monitoring the changes to the budget
situation but ultimately, anticipates that if each of these make their way to
the Governor’s desk, he will use his line item veto power to ward off bad
policies yet again.

Related Content: Small Business News | Economy | New Jersey

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