The total area of this scroll represents
$25,000,000,000
$25 BILLION DOLLARS
the total ANNUAL profits in excess of $1 million dollars
generated by the wealthiest corporations that do
business in New Jersey. 0
$25,000,000,000
$25 BILLION DOLLARS
the total ANNUAL profits in excess of $1 million dollars
generated by the wealthiest corporations that do
business in New Jersey. 0
These megacorporations, despite reporting
massive profits,
will get a TAX CUT
if the CBT Surcharge ends
this year. 1
massive profits,
will get a TAX CUT
if the CBT Surcharge ends
this year. 1
These particular corporate profits were
generated by largest and most profitable
megacorporations in New Jersey. 2
generated by largest and most profitable
megacorporations in New Jersey. 2
By ending the CBT Surcharge, a tax on the
wealthiest corporations, our state will lose out
on key funding for vital public services. 3
wealthiest corporations, our state will lose out
on key funding for vital public services. 3
MEGACORPORATIONS IN NEW JERSEY
ARE REPORTING RECORD PROFITS 4
ARE REPORTING RECORD PROFITS 4
Billions of $$$ are hard to imagine:
For visual comparison, here are some to-scale
numbers worth being familiar with...
For visual comparison, here are some to-scale
numbers worth being familiar with...
THE AVERAGE ANNUAL NEW JERSEY'S
INCOME. 5
INCOME. 5
Average income of the top .01%
Average Income
of the top .01%
$29,773,585
$29.8 MILLION
of the top .01%
$29,773,585
$29.8 MILLION
Average income of the top .1%
Average
of the top .1%
$1,581,829
$1.6 MILLION
of the top .1%
$1,581,829
$1.6 MILLION
Average income of the bottom 99%
Average
bottom 99%
$65,068
$65 THOUSAND
bottom 99%
$65,068
$65 THOUSAND
25K or less
$25K or less
bottom 99%
$25,000
$25 thousand or less
bottom 99%
$25,000
$25 thousand or less
If the total area of this roll represents
the TOTAL PROFITS OVER 1 MILLION DOLLARS GENERATED BY MEGACORPORATIONS (25 BILLION)
Then the white box = $1 billion
and the small red square = $25,000
the TOTAL PROFITS OVER 1 MILLION DOLLARS GENERATED BY MEGACORPORATIONS (25 BILLION)
Then the white box = $1 billion
and the small red square = $25,000
↓
Since the start of the pandemic
megacorporations have gotten a lot richer 6
megacorporations have gotten a lot richer 6
During the same pandemic period
over 700,000 New Jersey residents lost
their jobs, and 36,132 died of COVID-19 7
over 700,000 New Jersey residents lost
their jobs, and 36,132 died of COVID-19 7
36,132
NEW JERSEY RESIDENTS DIED OF COVID-19 8
700,000
NEW JERSEY RESIDENTS LOST JOBS
DURING THE PANDEMIC 9
MEGACORPORATIONS have profited - by more than
$25 billion dollars - from doing business in New Jersey. Now they are getting a tax cut while our
communities struggle to stay afloat 10
$25 billion dollars - from doing business in New Jersey. Now they are getting a tax cut while our
communities struggle to stay afloat 10
THERE ARE MORE THAN
9,260,000 PEOPLE LIVING IN NEW JERSEY 11
9,260,000 PEOPLE LIVING IN NEW JERSEY 11
MONTHLY COSTS FOR
A 2 ADULTS & 2 CHILD FAMILY
IN ESSEX COUNTY:
A 2 ADULTS & 2 CHILD FAMILY
IN ESSEX COUNTY:
| $1500 -> | FOR HOUSING, |
| $1000 -> | FOR FOOD, |
| $1600 -> | FOR CHILD CARE, |
| $900 -> | FOR TRANSPORTATION, |
| $1200 -> | FOR HEALTH CARE 12 |
New Jersey families are being priced out of
their communities,
groceries are at an all-time high.
their communities,
groceries are at an all-time high.
"WHEN WE DID RAISE A TAX, IT WAS TO MAKE SURE LARGE CORPORATIONS
OR THOSE AT THE VERY TOP WERE PAYING THEIR FAIR SHARE
JUST LIKE EVERYONE SHOULD".
- NEW JERSEY GOVERNOR PHIL MURPHY 13
These are some of the Wealthiest corporations. EXAMPLES OF MEGACORPORATIONS IN NEW JERSEY
Governor Phil Murphy
is about to give a massive tax cut
to megacorporations like these including
some known violaters of workers' rights
is about to give a massive tax cut
to megacorporations like these including
some known violaters of workers' rights
$70,000,000
$70 MILLION
COST TO FULLY FUND CLEAN ENERGY FUND14
$76,000,000
$76 MILLION
COST TO MAINTAIN AND IMPROVE NEW JERSEY STATE PARKS FOR A YEAR 15
$8,000,000,000
8 BILLION DOLLARSCOST TO FUND CHILDCARE FOR 500,000 KIDS FOR A FULL YEAR 16
1,000,000,000
$1 BILLION DOLLARSCOST TO HIRE 17,000 TEACHERS 17
$53,000,000
$53 MILLION DOLLARSCOST TO RESTORE THE REMAINDER OF STATE EDUCATION AID TO SCHOOLS DISTRICTS 18
$100,000,000
$100 MILLION DOLLARSCOST TO FULLY FUND PRESCHOOL FOR 7000 3- AND 4- YEAR OLDS 19
$19,000,000
$19 MILLION DOLLARSCOST TO PROVIDE FREE LUNCH FOR 26,000 STUDENTS 20
$250,000,000
$250 MILLIONCOST TO FULLY FUND THE CHILD TAX CREDIT 21
"WASHINGTON TOOK REALLY GOOD CARE OF
CORPORATIONS -- AT THE EXPENSE OF US. IT'S
PRETTY SIMPLE. WE'RE LOOKING AT CORPORATIONS THAT
ARE GOING TO HAVE A WINDFALL." 22
- STEVE SWEENEY
Governor Phil Murphy plans to make
New Jersey working communities shoulder
the economic fallout from providing
tax cuts to megacorporations.
New Jersey working communities shoulder
the economic fallout from providing
tax cuts to megacorporations.
It's time to
stop
protecting megacorporations
and start investing in working people
It's time to
stop
Governor Murphy's
cut to schools and hospitals
Megacorporations still pay lower tax rates
than working class New Jersey residents24
than working class New Jersey residents24
Governor Murphy is refusing to consider
tax on megacorporations that could
together raise over $1 billion a year
tax on megacorporations that could
together raise over $1 billion a year
WE MUST TELL MURPHY: "TAX MEGACORPORATIONS, FUND NJ FAMILIES"
It's time to make megacorporations pay
their fair share New Jersey working communities are
treated with dignity
and have the opportunity to thrive
their fair share New Jersey working communities are
treated with dignity
and have the opportunity to thrive
DEMAND MURPHY TAX MEGACORPORATIONS!!!
& tweet him --> @GOVMURPHY
The New Jersey legislature has also introduced a new corporate
tax proposal that would reopen tax loopholes for
megacorporations to hide their profits in international tax havens 25
TELL NEW JERSEY LEGISLATORS: VOTE NO ON A5323/S3737
The total area of this scroll represents
$25000000000
$25 BILLION DOLLARS
THESE ARE THE PROFITS WE SHOULD BE TAXING
Compared to megacorporate profit overall, the amount
of revenue these taxes would raise could alleviate
economic insecurity for everyday New Jerseyans but
hardly affect megacorporations 26
Make no mistake, you're nowhere near close to scrolling through
all of $25 billion. As a physical prop, this same representation of
New Jersey megacorporate wealth is 13 feet wide and 534 feet long.
KEEP walking!
Visit @MAKETHEROADNJ TO LEARN MORE ABOUT WHAT
WE CAN DO NOW TO DEMAND GOVERNOR MURPHY TAX MEGACORPORATIONS.
Please sign the petition here to DEMAND Murphy tax Megacorporations
Sources
0 - "New Jersey Corporation Business Tax: Statistical Report for Return Years 2016–2018" (Table 14. This figure comes from the New Jersey Department of Treasury's Report in 2018, the last year in wich data regarding megacorporate profits and the distribution of surtax paid was available) by state.nj.us
1- "U.S. Bureau of Economic Analysis and U.S. Census Bureau at Federal Reserve Bank of St. Louis Economic Research Division, Federal Reserve Economic Data, https://fred.stlouisfed.org (Last updated Dec. 22, 2022). Without comprehensive public data on corporate profits in New Jersey, CBT revenue collections can be used as a proxy given that the tax is paid as a percentage of profits made in the state." by fred.stlouisfed.org
2- "Stop the Sunset: Corporate Tax Cut Would Benefit the Biggest and Most Profitable Businesses" by njpp.org
3- "AN ACT imposing the corporation business tax surtax at a rate of 2.5 percent through December 31, 2023 and amending P.L.2018, c.48." by pub.njleg.state.nj.us
4- "U.S. Bureau of Economic Analysis and U.S. Census Bureau at Federal Reserve Bank of St. Louis Economic Research Division, Federal Reserve Economic Data, https://fred.stlouisfed.org (Last updated Dec. 22, 2022). Without comprehensive public data on corporate profits in New Jersey, CBT revenue collections can be used as a proxy given that the tax is paid as a percentage of profits made in the state." by fred.stlouisfed.org
5- "Income inequality in the United States" by epi.org
6- "U.S. Bureau of Economic Analysis and U.S. Census Bureau at Federal Reserve Bank of St. Louis Economic Research Division, Federal Reserve Economic Data, https://fred.stlouisfed.org (Last updated Dec. 22, 2022). Without comprehensive public data on corporate profits in New Jersey, CBT revenue collections can be used as a proxy given that the tax is paid as a percentage of profits made in the state." by fred.stlouisfed.org
7- "Labor Day Snapshot: New Jersey’s Uneven Recovery" by njpp.org
8- "New Jersey COVID-19 Dashboard" by nj.gov
9- "Labor Day Snapshot: New Jersey’s Uneven Recovery" by njpp.gov
10 - "New Jersey Corporation Business Tax: Statistical Report for Return Years 2016–2018" (Table 14. This figure comes from the New Jersey Department of Treasury's Report in 2018, the last year in wich data regarding megacorporate profits and the distribution of surtax paid was available) by state.nj.us
11- "QuickFacts provides statistics for all states and counties, and for cities and towns with a population of 5,000 or more." by census.gov
12- "Income inequality in the United States" by Epi.org
13- "Governor Murphy Delivers Fiscal Year 2023 Budget Address" by nj.org
14- "Money meant for N.J.’s shift to clean energy is again ‘raided’ despite $10B budget surplus" by nj.com
15- "We've identified the problems and solutions" by fixourparksnj.org
16- "2021 Child Care Market Rate Survey" by childcare.gov
17- "https://www.njea.org/" by njea.org
18- "https://www.njea.org/" by njea.org
19- "https://www.njea.org/" by njea.org
20- "NJ school lunch bills that expand free meals for K-12 kids signed into law" by northjersey.com
21- "How an Expanded Child Tax Credit Would Help More Hard-Working New Jersey Families" by njpp.org
22- "New Jersey thinks now might be the time to raise corporate taxes" by whyy.org
23- "U.S. Bureau of Economic Analysis and U.S. Census Bureau at Federal Reserve Bank of St. Louis Economic Research Division, Federal Reserve Economic Data, https://fred.stlouisfed.org (Last updated Dec. 22, 2022). Without comprehensive public data on corporate profits in New Jersey, CBT revenue collections can be used as a proxy given that the tax is paid as a percentage of profits made in the state." by fred.stlouisfed.org
24- "Corporations pay functional rates lower than the effective rates for working-class residents (https://itep.org/whopays-map/)" by americanprogress.org
25- "GILTI as Charged: New Corporate Tax Proposal Would Accelerate Tax Avoidance" by njpp.org
26- "This shows that corporate profits have skyrocketed while tax collections have stagnated. This is national though." by americanprogress.org