Help NJ Recover After Corona Virus

To that end, we the undersigned demand that New Jersey state government, Governor Murphy and the state legislature, provide both the following immediate economic relief to help residents through this tough time and systemic reforms to unlock the economic potential of all New Jerseyans after the medical crisis is over and to avoid an economic one:
1. A One Time State Income Tax Holiday – for all New Jersey residents earning up to $100,000 after deducting federal income tax, all small and medium sized businesses forced to close due to Covid-19 related state closure orders, all businesses forced to close due to lack of business from shelter in place orders, and for all residents who file their small business profits under their personal income tax filings;
2. Tipping Reform – immediately (as in applicable to the 2020 tax filling) and permanently abolish the state income tax on tipping as tipping is a gratuity, a gift for service well done, not a salary or guaranteed regular income, that tens of thousands of New Jerseyans rely on;
3. 25% Property Tax Rebate – for all residential rental property owners that do not collect rent from their tenants during the crisis, business occupied commercial real estate, and owner-occupied primary residences of single-family units;
4. Long Term Income Tax Reform – permanently abolish income tax on all residents making up to 4 times the poverty line, all those on pensions, social security, and other retirement funds, as well as make state income tax sustainable by implementing a consistent income tax rate of 5% for all other earnings;
5. Help NJ Retailers – eliminate state sales tax on in store purchases, ameliorating the market disincentive for in person shopping, compensating for the fact that shoppers browse the shrinking number of retail stores for items they later purchase online, and saving the consumer money in their wallet;
6. Help Home Owners- permanently cap municipal and county tax rates at 10% lower than their current rate;
7. Business Relief – lower business income tax by 50% as business income taxes are costs passed onto consumers.

The fight against Covid-19 continues but it is a war America will win. All of us owe the healthcare workers of our state and nation a debt of gratitude impossible to pay. While they are hard at work fighting for every life, our elected leaders must plan ahead to avoid and conquer the economic crisis in Covid-19’s wake. New Jersey’s politicians must takes these immediate measures to ease the economic pressure hundreds of thousands, if not millions, of residents are already feeling and to put our state on the right footing to not only avoid an economic storm after the viral one has been conquered, but to lead the nation in job generation and prosperity.