What 9 companies that win big under Trump tax law will do with some of their new cash

Leaders of New Jersey’s business community welcomed the bonuses, but said it didn’t change their assessment that the tax legislation was a bad deal for the Garden State. The measure guts the federal deduction for state and local income, property and sales taxes, a provision taken by more than four in 10 New Jersey residents.

“In the overall tax reform package, New Jersey overall was a significant net loser,” said Michele Siekerka, president and chief executive of the New Jersey Business & Industry Association. “We knew there would be winners in New Jersey. We’re happy that the winners are investing in their companies.”

At the New Jersey Chamber of Commerce, President Tom Bracken said the bonuses would have just a minor impact. 

“It’s wonderful for the people who are going to get it and it’s a great gesture on the part of the companies but it’s not widespread and it’s not going to move the needle,” Bracken said. “It doesn’t mitigate all the negatives that the tax reform act will impose on New Jersey.”

Rep. Tom MacArthur, R-3rd Dist., the only New Jersey member of Congress to support the measure, welcomed the news that some firms are giving new-found dollars back to workers. 

“Congressman MacArthur is pleased to see the tax reform bill is already benefitting workers,” spokeswoman Camille Gallo said. “Despite what partisan groups and some in the media would like New Jerseyans to believe, the Tax Cuts and Jobs Act will provide real tax relief for over-burdened families.”

 Rep. Josh Gottheimer, D-5th Dist., said the tax law hurts New Jersey. 

“Cutting corporate tax rates to help American businesses grow was long overdue, but by gutting the state and local tax deduction, the tax hike bill stuck Jersey with the tab — and put us at a competitive disadvantage to moocher states,”  he said. 

“Our taxes are headed up and property values are headed down, Other states, like Florida, are already trying to lure away our businesses and jobs.”