Oroho Says Corzine Must Speak Out Against New Threat to New Jersey Jobs

Senator Steve Oroho, R-Sussex and Hunterdon, said calls for a federal tax increase that would bleed a whopping $100 billion from investments in private sector job growth would be disastrous for the economy of New Jersey. Senator Oroho said Governor Corzine has both the experience and the connections to help prevent passage of this job-killing tax on every single securities transaction, including those made by struggling, undercapitalized pension funds.

"Governor Corzine knows that we need to steer vital capital to the businesses that will create the jobs of the future," Senator Oroho said. "This tax would take money from private sector job creation and instead use it to expand government."

Oroho said the tax is reportedly aimed at "punishing" members of the financial services industry. New Jersey is home to more than 200, 000 financial industry professionals, or about 10 percent of its total work force, and the state depends on these workers for a substantial portion of its income and sales tax revenue, Oroho pointed out.

"If you tax something, you will get less of it," Oroho said. "We do not need a tax that will result in fewer jobs in New Jersey.

"A tax on every stock transaction in the nation won't just reduce the profits of big Wall Street banks," Oroho said. "The tax will depress returns on 401K retirement plans, pension funds and college savings accounts. Job seekers will find fewer opportunities for employment. In the end, average citizens will suffer more than the rich if this tax is imposed. I urge Governor Corzine to speak out against it."

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