From For The Many NJ
Community leaders point to budget cuts and drastic fare hikes as proof that New Jersey needs to tax corporations more, not less.
March 19, 2024
NEWARK – Outside the State Senate’s public budget hearing at the NJIT campus in Newark, union workers, students, activists, and community leaders from the For The Many NJ coalition rallied in support of bringing back the full Corporation Business Tax surcharge on corporations with over $1 million in profits.
Pointing to NJ Transit’s proposal to hike fares by 15 percent as well as cuts in Governor Murphy’s budget – from community colleges and legal services to programs like The Hispanic Women’s Resource Center – community leaders outlined how the state needs more revenue from big corporations, not less.
By exempting corporations with annual profits between $1 million and $10 million, the Governor’s current framework for a Corporate Transit Fee leaves more than $200 million on the table that New Jersey can’t afford.
“UCAN is very excited to welcome such a broad coalition of folks fighting for a New Jersey that is better for its people to our campus, and hold the State Senate to account in the same places we were organizing our contact campaigns a few months ago,” said Brian O’Donnell, President of United Council of Academics at NJIT. “A fairer and more transparent system is won in seemingly small actions like these.”
“A state budget that advances racial equity must ensure that big corporations pay for public transit and infrastructure they profit from,” said Nicole Rodriguez, President of New Jersey Policy Perspective. “The proposed Corporate Transit Fee must be included in the state’s budget to bring fairness to the one in five Newark residents who use public transit to get to work each day. The state still needs the full corporation business tax surtax and additional revenue beyond that to stave off cuts to critical programs like community colleges and legal services.This budget cannot be balanced on the backs of New Jersey’s Black and Hispanic/Latinx communities.”
“As the federal government’s attacks on immigrants and asylum seekers escalate, the funding gap for immigrant services in New Jersey becomes more critical,” said Kat Phan, Policy and Research Associate for the New Jersey Alliance for Immigrant Justice. “We urge Governor Murphy and the state to increase funding for essential initiatives such as the Detention and Deportation Defense Initiative, the Cover All Kids program, and legal representation for unaccompanied minors. Moreover, investments in affordable housing programs, tenant and eviction protections, NJ Transit, and other human services will support not only immigrants, but entire communities across the state.”
“New Jersey is one of the wealthiest states in the country, but we also have a staggering racial wealth gap so resources are inaccessible to many communities of color. We should be making our vast resources available to all of our residents, and that means not prioritizing corporate wealth over investing in people and building opportunity for all of us,” said Assatta Mann, Senior Community Organizer, New Jersey Institute for Social Justice.
“In addition to the fair hikes that workers will have to deal with, families will also have to deal with less support in their communities because there’s less investment in essential public programs,” said Jesselly De La Cruz, Executive Director of the Latino Action Network Foundation. “When you cut funding by 75 percent for the Hispanic Women’s Resource Centers, which provide employment training for Latina women, you are cutting services and programs that workers and their families rely on.”
“Our communities and families are already struggling to keep up with rising costs. And with NJ Transit’s proposed 15 percent bus and train fare increase, tens of thousands of riders like me will have to make additional sacrifices while corporations get a massive tax cut,” said Elodia Perez, 75-year-old commuter from Passaic and member of Make the Road New Jersey. “Although Governor Murphy announced a tax on corporate profits over $10 million, a result of the collective efforts of working class commuters, this is not enough. Bus fares are still going up and discounted FLEXPASS tickets, a huge help for elderly riders like myself, will still be cut. We call on legislators to join working people to stop the proposed 15 percent bus and train fare hikes. Instead of balancing the budget on working people’s backs, we must make wealthy corporations pay what they owe to fund our crumbling transit system and expand access to health care and housing.”
Link to Livestream on Facebook.
# # #
For The Many is a statewide coalition of more than 40 organizations working to expand funding for essential services and improve budget practices to meet current and future needs, especially for communities that have been historically left behind.