Sherrill Looks To End Crisis: 5 Takeaways From NJ Budget Address
- What might get cut – and how much? Are any new taxes on the table? Here’s the latest update from Gov. Mikie Sherrill.
Eric Kiefer, Patch Staff
Posted Tue, Mar 10, 2026 at 2:54 pm ET
Updated Tue, Mar 10, 2026 at 8:49 pm ET
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MORE MONEY
Sherill has insisted that her administration is not planning to raise taxes on New Jerseyans. Her administration recently released a policy blueprint that cites a plan to boost revenues without new taxes.
The governor repeated that message again Tuesday, saying that her budget proposal “does not raise taxes on individual New Jerseyans.”
Instead, the state will be looking to its wealthiest residents and businesses to chip in.
Sherrill said her budget proposal will pare back corporate tax breaks in the state, capping the deduction that our highest-earning companies can take for net operating losses.
“After COVID, more started claiming this deduction, to write off losses seen in those years,” she said. “It’s time to move on. We won’t keep shortchanging the future. Limiting this loophole saves taxpayers almost $500 million dollars.”
At the same time, some companies have been using a deduction that was introduced 15 years ago to help small businesses weather the Great Recession, she said: the Alternative Business Calculation.
“The whole point was to level the playing field for entrepreneurs,” Sherrill said. “But bigger companies started using it, too. So our budget limits that deduction to the actual small businesses it was meant for, capping eligibility at business income of a million dollars a year.”
“The car repair shop and the diner down the block are the ones who should benefit,” Sherrill said. “This fix will save another $120 million dollars a year – without taxing families a dollar more.”
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[<synonym for excrement from a male cow>!
First, “chip in” should be voluntary. There ain’t nothing voluntarily.
Second, any increase in State spending is a tax on everybody in the State.
Third, corporations are just a legal fiction. Only REAL PEOPLE pay taxes. So in everything you buy, their costs are in that product. Buy a bar of soap and an uncalculable sliver of the cost is taxes — Fed tax, State tax, gas tax to get it to you, real estate tax for the store you bought it from — you can’t figure it out, but it’s there!
… … … … and the politicians and bureaucrats like it that way.
Why do people know about sales taxes? Because it is broken out and printed on every receipt!
Argh!
Let’s break out the effect of EVERY tax so “We, The Sheeple” can see how badly they are being robbed!
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2026-03Mar-12
Corporations don’t pay taxes. They are a FICTION! Argh!
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