No Tax Cuts for Ultra Wealthy Corporations
Governor Philip Murphy, Senate President Nicholas Scutari, Assembly Speaker Craig Coughlin
Right now, New Jersey legislators are considering an enormous tax cut for the wealthiest corporations—just as inflation is rising, everything feels more expensive, and money from the federal government that's been helping so many families stay afloat is about to dry up. Letting this tax on the wealthiest corporations expire will mean less funding for critical programs used by middle class New Jerseyans like mass transit, child care, and education. New Jersey lawmakers must put the needs of working people, families, and communities first, not those of special interests.
NJ’s Corporate Business Surtax, which is a 2.5 percent tax on net profits above $1 million, is set to expire at the end of the year. The surcharge rightly targets the most profitable businesses operating in New Jersey, including mega-corporations like Amazon, Walmart, and Bank of America.
Please sign the petition to our state's three most powerful elected officials, Governor Murphy, Senate President Scutari, and Assemblyman Coughlin. We’ve got to extend the Corporate Business Surtax and make sure the wealthiest corporations pay what they owe—for all of us in New Jersey!
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To:
Governor Philip Murphy, Senate President Nicholas Scutari, Assembly Speaker Craig Coughlin
From:
[Your Name]
On behalf of the For The Many NJ coalition, we, the undersigned, are writing to appeal for the extension of the corporate business surtax before it is currently set to expire on December 31st.
This is exactly the wrong time to be giving the most profitable corporations a $1 billion tax cut. That tax cut— essentially a gift for corporations and their shareholders — takes away resources from our schools and NJ Transit, and undermines funding for areas that promote opportunity for all: affordable housing, quality health care, reliable mass transit, and clean energy.
We say: enough is enough. Deep tax cuts for wealthy corporations in the hope of generating economic growth is a failed policy. It doesn’t work in other states, and it didn’t work in New Jersey.
We urge you to extend NJ’s Corporate Business Surtax and require the biggest businesses making record profits in New Jersey to pay what they owe, so we can fund our schools, transportation, and social services.
The programs that support prosperity like schools and affordable housing need funding. The state has built immensely successful and popular programs that are helping families thrive over the last few years – a full pension payment, expanded and fairer school funding, preschool expansion, working family tax credits, and affordable housing. To keep prioritizing these programs that so many people rely on, New Jersey needs the money to fund them. A tax cut for wealthy corporations will only make preserving these programs more difficult, especially with federal pandemic assistance expiring.
The wealthiest 2 percent of businesses should be paying more, not getting a tax cut when everyday New Jerseyans are struggling. We call on you to extend the corporate business surtax.