TRENTON, NJ. March 26, 2025 (Biz Republic) — Thomas Bracken, president and CEO of the New Jersey Chamber of Commerce (NJCC), stated that the proposed $58.1 billion state budget presents significant concerns for the business community. He criticized the plan for failing to foster economic growth, instead increasing uncertainty at a time when businesses need stability and a clear path forward. Bracken warned that the budget continues a trend of excessive spending without adequate investment in the business sector, making New Jersey a less competitive and less attractive place for businesses to operate and expand.
Bracken stated in a message published on the Chamber’s website: “The past months have been marked by unprecedented economic uncertainty – globally, nationally, and right here in New Jersey. Businesses thrive when they can plan for the future with confidence, yet today’s economic climate is inherently unpredictable. From inflationary pressures to tariff wars, executives across industries are grappling with challenges that make long-term investment and expansion difficult. In short, there’s an old truism: Uncertainty stifles prosperity.”
“That’s why Gov. Murphy’s proposed $58.1 billion state budget – the largest in New Jersey’s history – is so concerning. Instead of fostering an environment where businesses can grow, this budget injects more uncertainty at a time when we need stability and a clear path toward economic expansion. Rather than prioritizing pro-growth policies, it continues a trend of record spending without sufficient investment in the business community,” added the NJCC leader.
Tom Bracken highlighted four key points for analysis:
● Not one additional dollar is allocated to agencies directly supporting business growth, such as the New Jersey Economic Development Authority, the Business Action Center, and Small Business Development Centers.
● The Main Street Recovery Fund, a critical resource for small businesses, was cut by over 66%, leaving just $9 million – a paltry sum for a state of New Jersey’s size.
● The budget imposes new tax and fee increases, including an online gaming tax hike from 13% to 25% and a new $2-per-truck fee on warehouse deliveries – both of which will have ripple effects on our economy.
● The plan also increases taxes on property sales over $1 million, landline and cellphone bills and cannabis purchases – a burgeoning industry in the state.
The president and CEO of the New Jersey Chamber of Commerce stated that in October, the governor created a New Jersey Economic Council to “facilitate the identification and promotion of economic opportunities for New Jersey” and “to attract, expand and retain business, development, and employment in New Jersey.” This budget does not support those efforts and, in fact, undermines the main goals of the council, said Bracken.
“A recent survey by the New Jersey Society of CPAs found that 80% of certified public accountants believe this budget will harm New Jersey’s economy in the long term,” said Bracken. “Many emphasized the need for cost-cutting measures and lower corporate taxes to make New Jersey a more attractive place to do business.”
The NJCC leader warned that this is not just a local issue. “New Jersey is not alone in its struggles. Nationally, small business confidence is at its lowest point in years, with only 12% of small business owners telling the National Federation of Independent Business that now is a good time to expand,” he explained. “On the federal level, uncertainty looms over tax policy – if Congress does not extend the pro-growth provisions of the 2017 Tax Cuts and Jobs Act, businesses and families alike will face higher taxes and even greater instability. Making those provisions permanent is essential to maintaining economic momentum.”
Bracken also criticized the state budget for failing to address key economic challenges. “Back to New Jersey – this proposed budget, like many before it, fails to address our long-term structural deficits. Over the past eight years, state spending has surged by more than 65%, yet economic growth has not kept pace,” he stated. “Businesses are looking for signals that New Jersey is serious about fostering a competitive economic environment. Instead, they see more spending, more taxes, and more uncertainty.”
With legislative budget hearings already underway, Bracken called for action. “Legislative budget hearings are in progress, and a final budget must be approved by the Legislature and signed by the governor by June 30,” he noted. “Our New Jersey Chamber of Commerce lobbyists will be advocating on behalf of our member companies, but we need your voice, too. I urge you to contact your legislators and remind them that New Jersey’s business community deserves better – policies that encourage investment, job creation, and economic certainty, not a continuation of policies that make our state less affordable and less competitive.”
Finally, Bracken emphasized New Jersey’s economic potential but stressed the need for legislative support. “New Jersey has tremendous upside economic potential,” he concluded. “However, we need greater understanding, encouragement, and assistance from the Legislature to begin our economic revival.”
Thomas A. Bracken became the New Jersey Chamber of Commerce’s president and CEO in February of 2011, taking the reins of the state’s business advocacy organization as it celebrated its 100th year. The Skillman resident and former bank executive served as chairman of the New Jersey Chamber of Commerce’s Board of Directors from 2005 to 2007, and has been involved in the Chamber for four decades.
In 2017, Bracken helped establish and became co-chair of Opportunity NJ, a coalition of major state business organizations supporting government policies that pave the way for job growth, affordability and prosperity in the state. In 2014, Bracken was named chairman of Forward NJ, a coalition promoting investment in the state’s transportation infrastructure. Also in 2014, Bracken was inducted into the New Jersey Business Hall of Fame.
Prior to taking the reins of the NJ Chamber, Bracken spent 40 years in the banking and financial services industry, serving as president of TriState Capital Bank’s New Jersey operation from 2008 to 2011. He was president and CEO of Sun Bancorp, Inc. from 2001 to 2007. He also held executive positions with First Union Bank and CoreStates Financial Corporation. He is a former chairman of the Economic Development Corporation of Trenton and of the New Jersey Bankers Association.
Bracken, a Bucknell graduate, is the chairman of the New Jersey Alliance for Action Foundation; and a board member for Junior Achievement of New Jersey, the New Jersey Hall of Fame, Public Media NJ, and Solix Inc. He currently serves on the United States Chamber of Commerce Economic Task Force and the United States Chamber of Commerce Committee of 100.
