Main Street Alliance of New Jersey released the following statement today on the proposed millionaires tax, which creates a new tax bracket for those earning over $1 million while offering a tax rebate for New Jersey families earning $150,000 or less:

"Small businesses across the state know that a permanent millionaires tax is the start of making our tax code more equitable, and leveling the playing field for hard working New Jerseyans. Especially as small businesses struggle through the current pandemic, we must invest in sources of revenue to fund both our immediate needs, but also invest in the long-term economic health of the state. Especially as the pandemic has disproportionately impacted communities of color, both in health outcomes and small business closures, wealthy residents should be paying their fair share to support rebuildling, but also addressing the inequities that caused these disparities.

Some ways to prioritize this funding to address these immediate needs and build a strong support for our state's small businesses include transportation, college affordability, mental health services, assistance for families excluded from federal relief, tax rebates for families struggling during the pandemic and restoring our state's financial health. Our small business members also know this is not the only answer and look forward to working with New Jersey's elected officials to secure an equitable economic recovery that builds a strong small business foundation, includes all New Jerseyans and lays the foundation for a brighter and equitable future."