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Letter to the Editor:

From the Oct. 11, 2021 Edition of NJBIZ

TO THE EDITOR:

New Jersey’s communities have remained incredibly resilient throughout the pandemic, adjusting to closures, work from home environments, and economic downturn. But with communities re-opening and a full recovery underway, it will be necessary to refocus on the critical issue of competitiveness on the global stage – and avoid policy missteps, like tax hikes, that could hamstring New Jersey’s ability to compete.

Throughout my time serving on the Chester Township Council, I’ve seen firsthand the value that a global approach to business can deliver for local communities.

Our global economy has never been more interconnected. And because New Jersey businesses of all sizes have incredible access to markets around the world, it’s essential that our policy framework encourage expansion and facilitate an American edge. Throughout my time serving on the Chester Township Council, I’ve seen firsthand the value that a global approach to business can deliver for local communities. We see this in the Fortune 500 companies that employee our residents, as well as the abundant produce, information technology, and pharmaceuticals we export around the world. New Jersey is a world leader in the innovation economy and we boast an inherent drive to compete. Elected leaders at all levels of government should elevate these unique qualities of New Jersey’s economy.

With congressional lawmakers back at work in Washington, they face a full legislative agenda, including a massive reconciliation package that currently includes a host of proposed tax hikes to the corporate rate, the individual rate, the capital gains rate, and the Global Intangible Low-Taxed Income (GILTI) rate. If we are to truly undertake a swift recovery, and regain New Jersey’s edge on the global stage, lawmakers must avoid hikes to these tax rates.

Sincerely,
Michael Inganamort
Council President, Chester Township

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