TRENTON, N.J. — Assemblyman Christopher DePhillips is calling on Gov. Phil Murphy to reduce New Jersey’s corporate business tax, warning that high rates are driving companies and jobs out of the state.
DePhillips argues that with former President Donald Trump’s economic policies poised to boost manufacturing, states that lower taxes will benefit while New Jersey risks falling behind. “Since Democrats couldn’t beat him politically, why not join him?” DePhillips said in a statement, criticizing Murphy and legislative Democrats for maintaining high tax policies.
New Jersey has the highest corporate tax rate in the nation, and while Murphy allowed a temporary surcharge to expire, DePhillips contends that more action is needed to make the state competitive. “Are they really going to let lower-tax states beat us?” he asked.
DePhillips insists that reducing corporate taxes is a matter of economic necessity rather than partisanship. “We still have a chance to get this right and put New Jersey in a position to succeed,” he said.
The debate over tax policy remains a key issue in New Jersey, as lawmakers weigh the impact of business taxes on economic growth and state revenue.
