New Jersey Has the Worst Business Climate and the Worst Property Taxes, According to The Tax Foundation
Assemblyman Scott Rudder and Assemblywoman Dawn Marie Addiego today called for sweeping changes in State tax laws in response to a report by The Tax Foundation that New Jersey ranks last in the nation in the State Business Tax Climate Index.
“It is horrible news,” said Assemblyman Rudder. “The Tax Foundation has confirmed what we already knew: That New Jersey has become inhospitable to businesses and to property owners.”
The Tax Foundation is a research organization based in Washington, D.C. The non-partisan foundation also ranked New Jersey:
* 50th in state property taxes
* 48th in personal income tax
* 41st worst in sales tax
* 40th in corporate taxes
“Now, more than ever with the downturn in the economy, New Jersey needs to drastically alter the way it does business,” said Assemblyman Rudder. “It is imperative that we drive down costs of state government and at the same time change the tax codes and regulations in order to attract more business to New Jersey.”
“Governor Corzine has constantly stated that New Jersey needs to grow itself out of debt. Things are not getting better. Now, with this crisis at hand, it is time to Governor Corzine to assure that the business environment is conducive to growth.”
The Tax Foundation analyzes five major tax categories in determining the Business Tax Climate. They include: the corporate income tax, individual income tax, sales tax, property tax and unemployment insurance tax.
“Trenton’s policies are driving business out of New Jersey. We can’t continue to force jobs out of the state and increase the load on property taxpayers,” said Assemblywoman Addiego.
The business climate in Delaware ranks 10th out of 50, according to The Tax Foundation. Pennsylvania ranks 28th, Connecticutt is 37th.
New Jersey ranked 49 out of 50 a year ago.
“It is time to make a dramatic shift in Trenton. Making minor adjustments, when the state is dead last, will not solve this crisis,” said Assemblyman Rudder.
“If we don’t fix the system, New Jersey will continue to rank at the bottom, and the impact will be devastating to Garden State residents,” said Assemblywoman Addiego.
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March 24, 2011
