The people who best understand the tax consequences of living and doing business in New Jersey are telling their clients that they’d be best served by leaving.
This week, the New Jersey Society of Certified Public Accountants (NJCPA) released the results of a new survey which found that a majority (53%) have advised business clients to leave and a strong majority (70%) have advised individual clients to leave over the state’s high cost of living.
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The Garden State has been repeatedly recognized as having one of the country’s worst business climates. New Jersey’s top income tax rate is 10.75% and its business tax rate is 11.5%. That’s the highest corporate tax rate in the country thanks to Phil Murphy…
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“The New Jersey Legislature needs to listen to the needs of the business community in the state. Only by working together can we truly recover from the COVID-19 pandemic and prosper,” said Gregory S. Dittrich, a senior vice president at Provident Bank (the sponsor of the survey).
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