As we near January 1, 2024, let’s take a glimpse at some of the fresh legislations that will be implemented in New Jersey.
Raising the Minimum Wage: A Step Towards Economic Justice
The issue of minimum wage has long been a topic of debate and contention. Many argue that raising the minimum wage is essential for promoting economic justice and ensuring fair compensation for workers. By increasing the minimum wage, we can address the growing income inequality in our society and provide a pathway to financial stability for millions of hardworking individuals.
The current minimum wage falls far short of meeting the basic needs of workers, particularly those in low-wage industries such as retail, food service, and hospitality. It is unacceptable that individuals working full-time jobs still struggle to make ends meet and are forced to rely on government assistance programs. By increasing the minimum wage, we can lift these workers out of poverty and reduce their dependence on public assistance.
Critics often argue that raising the minimum wage will lead to job losses and hinder economic growth. However, numerous studies have shown that modest increases in the minimum wage have minimal impact on employment levels. In fact, higher wages can stimulate consumer spending, leading to increased economic activity and job creation. By putting more money in the hands of low-wage workers, we can boost local economies and create a more prosperous society for all.
It is also important to note that raising the minimum wage is not just an economic issue, but a matter of social justice. Many workers in low-wage industries are women, people of color, and immigrants who face systemic barriers and discrimination in the workforce. By increasing their wages, we can help level the playing field and ensure that everyone has an equal opportunity to succeed and thrive.
On January 1, 2024, most employees in New Jersey will experience a $1 increase in the statewide minimum wage, bringing it to $15.13 per hour. This surpasses the target set by Governor Murphy in February 2019 when he signed legislation aiming to raise the minimum wage to at least $15 per hour by 2024 for most employees.
Auto thefts remain a significant concern in our society
The state Legislature has recently passed a series of bills aimed at addressing the increasing number of auto thefts. These measures are designed to enhance penalties for stolen vehicles and create more obstacles for thieves attempting to sell stolen car parts.
Governor Murphy signed a package of four bills in July that enhance the criminal penalties related to auto theft.
Flood alert for homebuyers and renters
A new law is about to take effect, which will mandate sellers and landlords to complete property disclosure forms. These forms will inform potential buyers and tenants about the property’s previous flood history and its potential risks of future flooding.
The child tax credit has been expanded to provide more support for families
Starting in 2024, eligible taxpayers will receive an increased credit amount of up to $1,000 for each child under the age of 6. While this expanded credit will be applicable when filing your 2023 taxes, the new law ensures a higher maximum credit for income-eligible individuals in the following year.
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