TRENTON, N.J. – New Jersey notched another negative distinction this tax day.
A new report from the American Legislative Exchange Council (ALEC) analyzing states’ economic competitiveness found New Jersey stuck near the bottom of the list at 46th.
Click here for the full report.
ALEC took a look at 15 variables including taxes, debt, and the overall cost of doing business in each individual state.
“When a small business is unable to predict their future costs, taxes are high, and there is a threat of they could rise further, a company owner will hold off on expanding or adding new jobs,” opined Laurie Ehlbeck, New Jersey state director for the National Federation of Independent Business (NFIB). “If you look at the federal data on migration, Americans vote with their feet. Many businesses and families move to states that are more competitive. Their state taxes go with them, so that isn’t good for New Jersey’s economy.”