Bitter medicine to salve business tax pain

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Bitter medicine to salve business tax pain                                                                                                                                                                                    ®


SOMEONE SEEKING THE governor’s office has put                       That alone is unlikely to win over consumers               sales tax on a summer rental, for instance — but
forth a plan to stem the tide of fleeing businesses.          feeling squeezed by the recession, but Daggett                   we give Daggett credit for coming up with a plan                      October 5, 2009
      Enfin.                                                  wants the money dedicated for relief of corporate,               to put air in the state’s claustrophobic business
      Independent challenger Chris Daggett bases              income and property taxes. He wants to cut the                   climate as the drumbeat of fleeing feet grows ever              How to Reach Us
his plan on the sitting governor’s hugely unpopu-             corporate tax from 9.36 percent to 7 percent, and                more prevalent and the moving vans take more               Mailing address
                                                                                                                                                                                          njbiz, 220 Davidson Ave, Suite 302
lar sales-tax hike, which he delivered to help bal-           the top income tax bracket from 10.75 percent to                 one-way trips across the Delaware River.                   Somerset, NJ 08873
ance the state’s budget in the summer of 2006.                8.97 percent, while replacing property tax relief                     Now, if only his opponents would take a break         Phone (732) 246-7677
      But Daggett doesn’t seek to roll the tax back           programs with a 25 percent property tax cut — up                 from slinging mud to develop plans of their own,           Fax: editorial (732) 249-8886
to its 6 percent level; rather, he wants the sales tax        to $2,500 — for all homeowners.                                  companies and residents might consider keeping             Fax: advertising (732) 249-8952
                                                                                                                                                                                          Fax: oPerations (732) 846-0421
to cover personal, professional and household                       “We’ve shifted from a goods-based economy                  their New Jersey address past Election Day. u              subscriPtions (866) 288-7699
services, exempting business-to-business servic-              to a service economy,” Daggett said in last week’s                                                                          rePrints For article reprints, please
                                                                                                                                                                                          contact our reprint coordinator at
es. In an address in Trenton last week, the former            news conference, and the state’s tax system hasn’t                                                                          Wright’s Reprints: 1-877-652-5295.
commissioner of the Department of Environmen-                 kept up with the change.                                              Our        Point            of     View               For photos, please see www.njbiz.com/photos
tal Protection said the move would generate $3.9                    The plan has its obvious shortcomings — it’s
                                                                                                                                                 What do you think?                       PubliSheR
billion for the state.                                        tough to imagine anyone excited about paying
                                                                                                                                           Tell us at editorial@njbiz.com.                thomas F. curtin tcurtin@njbiz.com

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                                                                                                                                                                                          DiReCTOR OF SAleS
                                                                                                                                                                                          Mark cialdella mcialdella@njbiz.com

                                                                                      Plenty of suggestions to save Atlantic City
                                                                                                                                                                                          SeNiOR ACCOuNT exeCuTive
                 NJBIZ           Poll        Results                                                                                                                                      Penelope spencer pspencer@njbiz.com
                                                                                      In respondIng to the latest NJBIZ poll, readers came up with a variety of suggestions               ACCOuNT exeCuTiveS
                                                                                                                                                                                          susan alexander salexander@njbiz.com
                                                                                      to revitalize Atlantic City. We can only hope the city planners are reading.                        lauren briggs lbriggs@njbiz.com
              To revive themselves, Atlantic City’s casinos:                                                                                                                              joe Malone jmalone@njbiz.com
                                                                                             Larry J. Jenkins, of the small Business development Centers, gave a business perspec-
                                                                                                                                                                                          Kevin shawhan kshawhan@njbiz.com
                                                                                      tive: “the state must attract more small business to Atlantic City, help the ones that are there,   Merry solomon msolomon@njbiz.com
                                                 Must market the overall
                    2%                           destination as a place for more      work on the corruption there — get rid of it — and revitalize the residential area.”
                                                                                                                                                                                          EDITORIAL
                  6%                             than gaming.                                About 250 readers responded to the poll, overwhelmingly choosing that the city               eDiTOR
                                                                                      and its casinos should market themselves more effectively. on the other end of the                  sharon Waters swaters@njbiz.com
          13%                                    Must hope a lawsuit allows           spectrum, just 2 percent of voters felt the state should give more funding to the city.             DePuTY eDiTOR - NeWS
                                                 sports gambling in New Jersey.                                                                                                           joe st. arney jarney@njbiz.com
                                                                                      John H. Adams, of Feist & Feist Realty Corp., was emphatic about that point. “A.C. was
                                                                                                                                                                                          DePuTY eDiTOR & RePORTeR
                                                 Should be thinned; fewer,            a resort area, first and foremost,” he wrote. “no state money should be used.”                      beth Fitzgerald bfitzgerald@njbiz.com
       14%                     65%               better casinos would more ably              generally, poll responders were positive about the Atlantic City scene as a whole.           Workplace issues/General News
                                                                                                                                                                                          COPY eDiTOR
                                                 draw gamblers.                       Pat Marrese, of the new Jersey society of CpAs, said Atlantic City is much cleaner than its         Meghan shapiro mshapiro@njbiz.com
                                                                                      reputation; “the beaches, outdoor entertainment and boardwalk make for a good vaca-                 STAFF WRiTeRS
                                                 Should focus on big spenders by      tion destination.” But outside of leisure travel, “I have often said tha
				
DOCUMENT INFO
Description: The plan has its obvious shortcomings - it's tough to imagine anyone excited about paying sales tax on a summer rental, for instance - but we give Daggett credit for coming up with a plan to put air in the state's claustrophobic business climate as the drumbeat of fleeing feet grows ever more prevalent and the moving vans take more one-way trips across the Delaware River.
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