More than half a billion dollars could be taken from state coffers if the state’s corporate business tax is allowed to expire at year’s end, fattening the bottom line of already profitable businesses and taking needed money from programs that benefit the average citizen, left-leaning think tank New Jersey Policy Perspective said in a new report. Released Wednesday, the report suggests that allowing the tax to lapse would cost the state “at least $664 million in annual revenue” and only benefits a “select few highly profitable corporations, providing an average tax cut of $5 million to companies with more than $100 million in annual profits.” The report estimates that roughly 70 percent of the corporate tax cut would go to businesses with more than $10 million in annual profits and corporations with more than $100 million in profits would receive the largest tax cut, averaging $4,952,000. While this is something that the group is advocating for, Gov. Phil Murphy has already said that he intends to let the so-called corporate millionaire’s tax expire at the end of the year. That shouldn’t come as a shock though. When Murphy and lawmakers implemented the increase on the corporate business tax in […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
