Don’t act so surprised, Save Jerseyans.
Yet again, for at least the third year in a row, the Washington, D.C.-based Tax Foundation has crunched the numbers and ranked New Jersey (and its business tax climate) at the very bottom of all U.S. states.
“The states in the bottom 10 tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates. New Jersey, for example, is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst-structured individual income taxes in the country,” reported the organization.
This grim confirmation comes as Democrat Phil Murphy, the front runner in next month’s gubernatorial election, is promising at least $1.3 billion in new tax hikes. His proposed hikes — on a scale unseen since Jon Corzine, but far more aggressive — include closing corporate tax “loopholes” which, without corresponding pro-business tax reforms, could damage New Jersey’s fragile jobs market by encouraging more companies to leave.
You can click here to read the full report.