Some People are Hard to Satisfy

Some people are hard to satisfy. New Jersey's Gov.

Phil Murphy (D) and his fellow Dems who have 

solid control of that state's legislature are frantically 

trying to get their hands on money --- a lot of it ---

even with an increase in tax revenue of 35% over 

the past five years (!). Add to that Murphy's promise 

to let a corporate tax increase lapse. So the guv 

gets the bright idea to bring back a 2.5 % surtax

on corporate income, atop New Jersey's current 

corporate rate of 9%. And just last year Gov. 

Murphy bragged about allowing a 2.5% corporate

surtax on income above $1 million expire (!!),  

stating that a lower tax rate would increase business

investment in the state, thereby resulting in an increase

in jobs.

Well, that was then and this is now. The aforementioned 

surtax lapsed at the end of 2023, and Gov. Murphy now

wants to bring it back and tack it onto income above 

$10 million, RETROACTIVELY TO THE START OF

THIS YEAR (emphasis mine)! What gall!! The Governor

claims that the surtax will hit only the wealthiest businesses 

--- many of which are based in other states. This is another 

crock of you-know-what. New Jersey taxes corporations 

based on their share of revenue, including but not limited to

business-to-business sales, rents, royalties, dividends, interest,

and capital gains that they generate in the state even if they 

are headquartered outside of the state! Businesses presently

in New Jersey would have strong incentive to move to 

states with lower or no corporate income taxes, i.e.

Florida. And bear in mind, the Dems in charge in Trenton

are lusting after all this money even when the economy

is doing rather well!

Assembly Speaker Craig Coughlin (D), wants to spend 

the proceeds on property tax relief and other money for

seniors, while he and the rest of the Dems hope like mad 

that voters will forget that they exploded the state's 2% 

property tax cap just last month to get even further into 

the good graces of the teachers' unions.

The Trenton Democrats are as trustworthy as a bunch of 

sidewinders. It's time to seal the snake pit.

MEM