Beck: Reduce Small Business Taxes Now

With legislative budget hearings officially underway, Senator Jennifer Beck (R- Monmouth/Mercer) urged Senate leadership to expedite consideration of S-2776, which reduces small business taxes by 25 percent. Senator Beck is co-prime sponsor of the legislation, included and paid for in Governor Christie's proposed FY 2012 budget, along with Senate Minority Leader Tom Kean, Jr.
"In order to reduce unemployment, we must instill fiscal discipline on state government while instituting broad based tax reductions for those who create jobs," Beck said. "Small businesses are the engine of economic growth in New Jersey and are particularly hard hit by our state's historically un-competitive tax burden. Lowering the tax rate on small businesses by 25 percent will help a broad segment of our economy stay or expand in New Jersey, and will put people back to work. And, because it is included as part of the Governor's proposed budget, we can offer this relief in a fiscally responsible manner."
There are over 70, 000 small businesses in New Jersey registered as 's-corporations'.
Beck said that tax relief for job creators must come in the context of a balanced budget. "Unless tax relief comes coupled with fiscal discipline in Trenton, it will do more harm than good to our state's economy," she said. "New Jersey has lost jobs because over the last decade, politicians in Trenton raised taxes on job creators to pay for $11 billion in new spending. Reducing the tax rate on small businesses is broad-based relief that the Governor has proposed for the upcoming year. If legislative Democrats are serious about job creation rather than picking a political fight with the Governor, they should act swiftly on this bill."