STEADFAST IN TTF BILL OPPOSITION, NFIB NOT FOOLED BY SHELL GAME LEGISLATION
TRENTON (June 22, 2016): The following statement may be attributed to Laurie Ehlbeck, National Federation of Independent Business (NFIB) New Jersey state director regarding today’s passage of the Transportation Trust Fund bill in the Senate:
While our members are certainly happy to see the proposed tax changes in the legislation that include the estate tax, we have to wonder why there is a slow phase-out instead of a complete repeal. This legislation does nothing to combat fears that as 2020 approaches, a new bill will appear that halts the full estate tax repeal prior to its implementation.
New Jersey is currently one out of two states in the country with both an estate and an inheritance tax. The fact that lawmakers are finally on board with the rest of the nation isn’t exactly breaking the mold of good public policy and it’s disappointing that common sense legislation like repealing the estate tax had to be part of a tradeoff that includes a tax increase. That’s nothing innovative, in fact its horse trading like this bill that has led to New Jersey being ranked as the worst business climate in the country.
The problem with this bill is that it’s bipolar. While it provides for tax relief in some areas, it increases taxes in others. Make no mistake about the fact that by increasing the gas tax, whether by 12.5% or more, the small business community will be negatively impacted and once again left having to compensate for legislative shortcomings. I don’t say that lightly, or without merit. In fact 83% of the members that responded to our poll about this bill were opposed to it, regardless of the tax breaks. The reason for the opposition isn’t just because it disproportionately impacts our state’s most vulnerable employers.
Our member are frustrated with business as usual where all roads lead to a tax increase, even if those roads are paved with marginal tax breaks. Ultimately, the National Federation of Independent Business (NFIB) implores lawmakers to focus on making sweeping structural changes to our transportation trust fund and avoid any more fiscal shell games with the tax dollars of hard working small business owners.
