http://www.nj.com/news/index.ssf/2011/02/nj_businesses_to_get_690m_in_t.htmlNew Jersey business advocacy groups cheered Gov. Chris Christie’s state budget Tuesday, expressing satisfaction with his strategy for creating "a better environment to start and grow a business."
While the governor may have ruffled some feathers in other aspects of his budget, the business community embraced his proposal to phase in cuts for corporate, income, sales and estate taxes, totaling nearly $200 million in the coming year, and $690 million in 2016.
"For the first time in my lifetime, we have a governor and a legislature that care about paying the bills," said trucking business owner Matt Wright, during an event at the Trenton Marriott hosted by the New Jersey Business and Industry Association.
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Among the cuts Christie outlined is a "loss netting" and "loss carry-forward relief" for gross income taxes, which essentially means business owners will be able to carry forward losses from one year to offset gains in subsequent years. He also proposed phasing in a "single sales factor," which will tax businesses based on sales, rather than the current formula, which takes into account property, wages and sales. This will benefit companies that do business in multiple states, said Dan Gibson, a CPA and tax partner at EisnerAmper in Bridgewater.
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Create a deficit, and then screw the consumers and workers. I am hoping people can see through the Christiegasm in the MEdia this morning, and see this is just another game being played. Create a fiscal emergency, and then screw the little guy. Prosperity for them, austerity for us.
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