NFIB’s New Jersey State Director Eileen Kean testified earlier this week in favor of S-676, sponsored by Republican Senators Anthony Bucco and Steven Oroho. The legislation, heard by the Senate Budget and Appropriations Committee, seeks to index taxable state income brackets to account for annual inflationary changes and prevent what’s known as “bracket creep,” which occurs when rising wages push taxpayers into higher tax brackets, even though they are no better off financially due to coinciding increases in consumer prices.
The measure is being considered by state lawmakers just as the federal government’s latest consumer-price statistics indicate inflation is rising at historic rates. NFIB’s January Small Business Economic Trends report identifies “inflation” as the top issue facing small business owners.
The bill was ultimately supported by the entire Senate Budget and Appropriations Committee and now moves to the full Senate for a floor vote. We need your help to get this passed now! Contact your Senator and ask him or her to help rescue tens of thousands of small businesses who are facing massive tax increases through no fault of their own.
