New Jersey’s Future Depends on Empowering Its Businesses
By Richard A. Butkus
New Jersey is one of only two states that hold off-year elections, giving voters a unique chance to send a message that resonates well beyond our borders. This year, that message should be clear: it’s time to put businesses—and the people who power them—first.
The challenges for business owners have mounted in recent years. From inflation and rising interest rates to the lingering effects of COVID-19, operating costs seem to climb in every direction. What’s missing is a consistent focus on policies that allow employers to grow, create jobs, and strengthen their communities.
Consider the cost of doing business. New Jersey’s tax burden is among the highest in the nation. Most small businesses are “pass-throughs,” taxed at individual income rates of up to 10.75%. On top of that, New Jersey levies the highest corporate income tax rate in America. Property taxes are also the highest in the nation.
These aren’t just numbers on a page. For low-margin firms, every extra dollar of tax is one less dollar to invest in wages, equipment, or competitive pricing.
Energy adds another layer of cost. Trenton’s restrictions on natural gas and overreliance on costly renewables have pushed New Jersey’s electricity prices to the 12th-highest in the country, with average utility bills jumping another 22% this summer alone. Businesses can’t simply “dim the lights” or “turn off the A/C” without sacrificing safety or productivity. These silent taxes eat directly into already thin margins and ultimately drive-up prices for everyone.
But perhaps the most pressing challenge facing businesses—and families alike—is the skyrocketing cost of health care. Employers want to provide high-quality coverage because it is the right thing to do and essential for attracting talent. Yet year after year, premiums rise at unsustainable levels, eating into wages, reinvestment, and competitiveness. For small firms, health care is no longer a benefit, it’s a breaking point.
The cumulative impact of these pressures is undeniable. Between 2020 and 2024, New Jersey lost nearly 200,000 residents on net to out-migration, representing billions of dollars in lost income and spending power. When people leave, opportunities leave too. And those who remain shoulder a heavier share of the burden.
But here’s the good news: this trajectory can be reversed. With the right leadership, New Jersey can become a place where businesses want to grow, and families want to stay. That requires policymakers who are willing to look beyond short-term fixes and embrace long-term competitiveness, including:
- Lower and fairer taxes that allow companies to reinvest in people and innovation.
- Affordable, reliable energy that doesn’t punish businesses for simply keeping the lights on.
- Health care solutions that bend the cost curve while protecting quality of care.
- Smarter regulations that achieve their goals without suffocating growth.
As someone leading a company that has grown from a single office to a multi-state enterprise, I’ve seen firsthand what works—and what doesn’t. Businesses thrive when they are treated as partners, not piggy banks. Employees thrive when companies can invest in training, benefits, and long-term career paths. Communities thrive when local firms are strong enough to give back.
This election, New Jersey voters have the opportunity to choose leaders who understand that prosperity starts with empowering businesses of all sizes. If we want to keep jobs, talent, and opportunity here at home, we must elect champions who will make this state a place where businesses—and the people they employ—can succeed.
Richard A. Butkus is the president and managing partner of Control Point Associates, Inc., a partner of the Job Creators Network Foundation, and a resident of Warren, NJ.