SMALL BUSINESS ON TODAYS PENSION PAYMENT GIMMICK

Date: December 17, 2015

SMALL BUSINESS ON TODAYS PENSION PAYMENT GIMMICK

TRENTON (December 17, 2015): The National Federation of Independent
Business (NFIB) today announced opposition to the latest version of a bill that
would essentially result in an automatic tax increase annually, regardless of
economic circumstances under the guise of funding the pension.

“Funding the pension system in our state remains a long term
problem thanks to the failures of lawmakers in the past but that should not
equate to the tax payers of New Jersey being forced to face an annual tax increase
irrespective of economic conditions at the time,” according to NFIB New Jersey
state director, Laurie Ehlbeck. “Our fiscal situation is dire enough as it is
but adding an additional level of constitutionally obligated funds is not going
to do anything but make things worse.”

The latest version of SCR184/ACR-3 was unveiled to reveal an
annual constitutionally obligated pension payment that leaves no discretion based
on future economic conditions and the impact they would no doubt have on the
state. The end result, if passed, would be what tax payers could count on as an
annual tax hike in a state that is already ranked as the worst in the nation
for tax climate by the Tax Foundation.  

“It’s time for New Jersey lawmakers to run the state the
same way a small business owner does and stop spending money before it has even
come in as revenue. Today’s proposal by the Democrats is a lazy attempt to
obligate funds that will be nonexistent if something is not done to improve the
small business climate in the state of New Jersey. Tax hikes will drive
employers to states with more friendly economic environments leaving fewer and
fewer people left to pay for the sins of the past,” concluded Ehlbeck. 

Related Content: Small Business News | New Jersey

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