It’s the New Jersey business community, we’re always going to have concerns about the State budget. This should come as no surprise to any New Jersey Governor, especially one who is supposed to excel in financial analysis. Whether you are starting a New Jersey business, buying or selling a New Jersey business, or just living the New Jersey dream, the budgetary choices made can have a significant impact on your business.
“While some attendees walked away tight-lipped from the governor’s first budget address, others were optimistic that Gov. Phil Murphy has taken a step in the right direction for the state. The tax-heavy budget plan for fiscal year 2019 is a $2.7 billion increase from the previous year and includes some initiatives that could shock the economic system in the state….Republican legislators and other officials representing the interests of the business community are also concerned by the number of taxes Murphy proposed to help fulfill some of his more controversial campaign promises, including legalized marijuana and the expansion of medical marijuana, as well as raising the minimum wage to $15 — including a jump to $11 per hour in the upcoming fiscal year.”
Read: Business community has concerns about Murphy budget at ROI-NJ