NJ Residents Approve Of This Tax Hike, New Poll Says

NEW JERSEY - In a state levied with high taxes, a new Fairleigh Dickinson poll says one on corporations is ok by residents.

With NJ Transit facing budget shortfalls of up to a billion dollars in upcoming years, Garden State residents favor restoring a corporate tax surcharge and dedicating the revenues to NJ Transit.

“The pandemic and the federal money it brought eased the pressure on NJ Transit for a couple of years,” said Dan Cassino, a professor of Government and Politics at FDU, and the director of the poll. “But the problems haven’t gone away, and work from home means that they’re only going to get worse.”

In 2023, a temporary corporate tax surcharge of 2.5 percent on profits over $1 million, which had been in place since 2020, was allowed to lapse by Governor Phil Murphy.

The tax surcharge brought in more than half a billion dollars per year.

This proposal is broadly popular in the state, with 54 percent of residents saying that they support it, and only 29 percent opposing.