Nearly 55% of CPAs surveyed say Governor Murphy’s proposed $49 billion budget will make the economy worse

Nearly 55% of CPAs surveyed say Governor Murphy’s proposed $49 billion budget will make the economy worse

Retirement of civil servants, shared services and suggested tax review

ROSELAND, NJ — Nearly 55 percent of more than 300 certified public accountants (CPAs) surveyed by the New Jersey Society of CPAs (NJCPA) said Governor Murphy’s proposed budget of $48.9 billion for the fiscal year 2023 will leave the state’s economy slightly worse or significantly worse in the long term. That compares to 24% who thought it would stay the same and more than 20% who thought it would improve the state’s economic situation.

Governor Murphy’s proposed budget included increased funding for schools; expanded rebate programs for certain tenants and landlords; more affordable housing and assistance for undocumented residents; as well as supporting the state’s transportation system and spending more on health care, but no new taxes.

The survey, conducted after the governor’s budget speech on March 8, showed that most respondents thought he should have focused more on overhauling the civil servants’ pension system, reducing the size of municipalities and New Jersey school districts through shared services and permanent relief from property tax burdens as opposed to rebates.

When asked what Governor Murphy should do with the unspent federal funding for pandemic relief his administration has received, respondents said the highest priority should be investing in improving infrastructure, followed by immediate assistance to landlords and tenants and to replenish the Unemployment Insurance Trust Fund.

“Surveys like this provide great insight into the mindset of the New Jersey business community, as CPAs serve a variety of businesses across all industries,” added Ralph Albert Thomas, CPA ( DC), CGMA, CEO and Executive Director of NJCPA. “More recently, they are the ones who have helped keep these businesses afloat, which is why their contribution is so valuable.”

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