The New Jersey Society of Certified Public Accountants surveyed its members regarding the impact New Jersey’s new state budget would have on the state’s economy. More than 75% of the 921 CPA’s surveyed said that the budget signed by Governor Phil Muphy would have a negative impact on the economy, according to an article at NJCPA.com
Thirty-nine percent felt the economy would get “marginally worse,” and 37 percent said it would get “significantly worse.” Fourteen percent said it would have no impact, and only 10 percent said the economy would get either “marginally better” or “significantly better” under the new budget.
Respondents said that the millionaires tax would lead to wealthy taxpayers leaving the state and that the increase in corporate taxes would hinder job growth.
