Creating Jersey Jobs and Providing Responsible, Sustainable Tax Relief;
Education Reform to Fix a Broken System and Bring a High-Quality Education to Every Child; and
Comprehensive Reforms to Bring Fiscal Sanity to New Jersey’s Out-of-Control Pension and
Governor Christie is committed to pursuing an aggressive reform agenda to create sustainable growth of good-paying Jersey Jobs. By continuing to maintain fiscal discipline at every level of government, continued pro-active outreach to the business community and a fiscally-responsible package of pro-growth tax incentives and reforms, Governor Christie is leading the way to New Jersey’s economic recovery.
Through the New Jersey Partnership for Action, the Christie Administration has implemented an aggressive economic development agenda, including overhauling State government's regulatory system and reducing the red tape that stifles economic growth and imposes costs on businesses and citizens. After 115 tax and fee increases over the last 8 years, Governor Christie and Lt. Governor Guadagno are breaking the pattern of higher taxes, increased spending and shortsighted economic policy that have devastated the state’s economy and business climate. The Christie Administration has:
Closed back-to-back budget shortfalls, amounting to billions of dollars, without raising taxes;
Rejected an attempt by the Legislature to increase taxes on small businesses and individuals by $637 million;
Sunset the corporate business tax surcharge;
Put a hard, 2% cap on property taxes; and
Protected businesses from an average $400 per employee, or 52%, increase in the Unemployment Insurance payroll tax.
New Jersey has begun to make progress – after hundreds of thousands of private sector jobs were lost in 2008 and 2009, employment stabilized in 2010 and 8,200 private sector jobs were added. Unemployment fell below the national average, but was still 9.1% at the end of 2010. More work remains to be done.
Governor Christie is proposing a comprehensive and coordinated program of $2.5 billion in job-creating tax incentives over the next five years. New Jersey’s tax policy will reflect the reality of today’s global economy: our businesses and workers compete not only with companies in other states, Canada and Mexico, but with manufacturers and service providers in Asia, Europe and other parts of the Americas.
These reforms were crafted with input from job creators around the state, who have stressed the need for tax reforms to increase the state’s competitiveness, improve the business climate and create Jersey Jobs.
Governor Christie has committed to only putting in place tax cuts and incentives that are paid for within the context of a Constitutionally-balanced State Budget. This package of reforms is put forward in an economically prudent and fiscally responsible manner. By providing for a phase-in period for each of these changes, the fiscal impacts rise along with the expected expansion of the state’s economy and minimize the effect on the State Budget. Governor Christie is proposing changes in the following areas to spur economic growth and create jobs for New Jerseyans: