Open Letter to Governor Murphy
January 12, 2018
Updated January 16, 2018
Governor Phil Murphy
Office of the Governor
20 West State Street, 4th Floor
P.O. Box 022
Trenton, NJ 08625
Dear Governor Murphy:
As an organization of 15,000 members who have vast experience with business and tax issues, the New Jersey Society of CPAs (NJCPA) has a strong read on New Jersey’s business climate. We have long advocated for policies that will generate economic growth, supported a fair tax system that enables companies and individuals to thrive, and provided solid input in Trenton on issues important to New Jerseyans.
We commend your effort to grow the state’s economy and stand ready to be a resource to your administration.
As you know, New Jersey has a lot going for it — access to major cities, good schools, solid transportation and an attractive shoreline. But it also has the highest property taxes in the nation and many challenges for small businesses. We need to work together to provide an environment that not only fosters growth but adapts quickly to changing business needs.
In a survey this past fall, NJCPA members cited the following top priorities for your office to tackle. These include:
- Reducing property taxes — NJCPA has convened a task force of its members to develop comprehensive, actionable recommendations for reducing the state’s property taxes.
- Improving the state’s infrastructure — roads, bridges, tunnels and public transportation.
- Converting public pensions to 401(k)s.
- Auditing state agencies and programs for overspending, waste and revenue allocation.
- Combining municipalities and/or school districts and/or increasing the use of shared services.
- Reducing NJ personal income tax rates.
- Modifying the school funding formula.
- Increasing tax exemptions and incentives for retirees to keep them in New Jersey.
- Eliminating the inheritance tax or increasing the exemption amount.
- Evaluating corporate tax levels to create a level playing field compared to other states.
Other issues NJCPA members recommend as priorities include creating more tax incentives for businesses, legalizing and taxing recreational marijuana, implementing tort reform to limit frivolous lawsuits and ensuring that if a minimum wage is enacted it is phased in slowly.
We look forward to working with your administration to create true prosperity for New Jersey and establishing new business opportunities.
Ralph Albert Thomas
CEO and Executive Director
New Jersey Society of CPAs