Contact Your Legislators – Demand Caps on Corporate Tax Subsidy Programs
For more than a decade, the New Jersey Economic Development Authority has overseen a corrupt and mismanaged corporate tax subsidy program. The NJ EDA has given billions of dollars in tax breaks to politically connected corporations, some of whom have acted fraudulently. Meanwhile, New Jersey taxpayers pay the price for underfunded public programs and services.
Recently former state Senators Lesniak and Kyrillos submitted a reform proposal to Governor Murphy. Their plan is inadequate. It does not include hard annual caps to corporate tax subsidy programs. It’s imperative we have annual caps to ensure smart budgeting and effective investments that benefit our communities. The experts and economists who testified at the Senate committee hearing last month agree that we need hard caps. Without caps we will continue to see endless handouts to politically connected corporations. Caps are also critical to balancing our state’s budget and ensuring we have funding for proven, more effective economic investments such as job training, education, transportation and other public services.
Contact your legislators and demand that we cap our corporate tax subsidy programs!