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State CPAs take dim view of economic future

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New Jersey's accountants do not have a favorable outlook on the state's economy.

In a survey of 786 CPAs in the state conducted by the New Jersey Society of CPAs, 31 percent believe the state’s economy will get significantly worse under Gov. Phil Murphy, while 44 percent said it will get “marginally worse.”

Just 14 percent said the economy will improve.

Overall, nearly 55 percent of the respondents assessed the state’s current economy at “fair,” compared to 28 percent who said it is “good,” and 17 percent who said it’s “poor.” Only 1 percent rated the current economy as “excellent.”

Respondents cited as reasons for pessimism Murphy administration proposals such as the millionaire’s tax, which would raise the sales tax back to 7 percent, and proposed taxes on ride share services such as Uber and Lyft.

A majority of the accountants said they want less regulation, lower marginal tax rates, a repeal of the mandatory sick leave legislation and the decoupling of school funding from property taxes.

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Vince Calio

Vince Calio

Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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