- Never tax gain on sale of a primary residence or second home.
- Never increase property taxes when homeowner has made a home improvement.
- Abolish the death tax and transfer inheritance tax.
- Make student loan interest tax deductible.
- Do not tax the gain on the sale of a family-owned business.
- Effectuate a new tax agreement to ease the burden on NJ residents that work in NYC.
- Allow for carry forward of capital losses to reduce income taxes
- Allow for accelerated depreciation to help business grow and create jobs.
- Enact a 10-year phase out (1% per year) of the corporate business tax to make New Jersey more economically competitive.
- Close various corporate loopholes and restructure marginal tax rates as part of comprehensive tax reform that lowers everyone’s overall tax burden and greatly benefits the middle class and all New Jerseyans.
MOUNT HOLLY, NJ – State Assemblyman Jack Ciattarelli (R-16th) outlined his detailed economic and tax reform plans Thursday, June 1 during a press conference in Mount Holly, and was joined by Burlington County Freeholder Kate Gibbs in criticizing Lt. Governor Kim Guadagno for actively steering Burlington County companies and jobs towards Camden and then trying to sell it as an economic success story.
“Using state tax credits to disadvantage one New Jersey county to the benefit of another isn’t sound economic policy and wasn’t how this legislation was ever intended to work,” said Ciattarelli, a successful entrepreneur and business owner. “Stealing jobs and economic investment from a place like Burlington County and moving it to Camden negatively impacts Burlington’s tax base – driving up property taxes for residents and remaining businesses.
"I appreciate the desire to redevelop Camden, but it should not come at the expense of Burlington County. What the Lt. Governor did was rob Peter to pay Paul because it was easier than attracting businesses from out of state as the legislation intended. It’s not fair and it’s not sound policy,” he added.
Burlington Freeholder Kate Gibbs said that the Lt. Governor’s policies have resulted in over 1,500 jobs leaving or planning to leave Burlington County and head to Camden, adding that had it not been for the Freeholders’ work to keep and attract business to Burlington County the impact could have been much worse.
“As an elected official in Burlington County, it’s frustrating to see our taxpayers penalized so a neighboring county can benefit,” said Gibbs, who pointed to Lockheed and Holtec as just two Burlington County-based companies that were being incentivized to leave Burlington County for Camden.
“Worse, and if I can put my partisan hat on for a second, it’s not only bad economic policy, but to have a Republican Administration poach jobs from a Republican-run New Jersey county and hand them to a Democrat-run county is just plain demoralizing. We cut county property taxes, spend fewer dollars than any other county in the state, and make the county as hospitable to business as possible, and then the Lt. Governor comes in and sweetens the pot with taxpayer money to move jobs and ratables just miles down the road to another county. That’s not economic development, that’s musical chairs, and it’s not right.”
Ciattarelli said he has a better answer to grow the state’s economy so all counties can benefit, and government can get out of the business of picking winners and losers: Tax reform.
“After 7+ years of this administration and the Democrat-controlled legislature, we rank dead last in business climate nationally – 50 out of 50,” said Ciattarelli, citing a report by the non-partisan Tax Foundation. ““My plan will change that by overhauling our tax code and creating an environment where entrepreneurs and employers want to start and grow businesses and create jobs; where employees will not have to struggle every day to pay the bills, but build a better life for themselves; where New Jerseyans can achieve their American Dream. With my plan, living and working in New Jersey won’t be about just ‘getting by’ – it will be getting ahead.”
Ciattarelli’s plan includes the following ten points:
“The status quo is not working, and nibbling around the edges is just rearranging deck chairs on the Titanic,” said Ciattarelli. “New Jersey is on the brink. Our dual economic and fiscal crises require bold action and detailed solutions. My plan will take New Jersey in an entirely new direction, and that’s what our state needs right now.”
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