In its 50th Annual Rankings, the national think tank known as the Tax Foundation has placed New Jersey in last place among states for its overall tax climate for business. The ranking was based on the fact that New Jersey has the highest property taxes and some of the “worst-structured” individual income taxes in the United States. The research also ranked New Jersey 36th in unemployment insurance tax, 42nd in corporate taxes, and 46th in sales taxes.
“This report illustrates the timeliness and critical nature of the white paper just released to members of the legislature, the administration and gubernatorial candidates this week by Opportunity New Jersey. That document underscored the steps necessary to make New Jersey affordable,” stated Opportunity New Jersey co-chair Tom Bracken.
“The white paper released yesterday is available for public dissemination – and we continue to ask for suggestions, edits and additions to the longer document created during last month’s Affordability Summit,” added co-chair Michele Siekerka. “We ask the gubernatorial candidates and members of the legislature to review the Affordability Agenda and act to renew the state’s economy. New Jersey can no longer afford to fall behind.”
Download the full report from the Tax Foundation.