WASHINGTON, D.C. – New Jersey is once again getting recognition for a dubious distinction:
The Garden State has America’s worst business tax climate according to the Washington, D.C.-based Tax Foundation’s brand new 2020 state-by-state comparative index.
It’s not even close:
How does your state rank in our 2020 State Business Tax Climate Index?
Evidence shows that states with the best tax systems will be the most competitive at attracting new businesses and most effective at generating economic growth.
— Tax Foundation (@taxfoundation) October 22, 2019
New Jersey’s individual taxes (#50), corporate taxes (#49), property taxes (#47), and sales taxes (#42) resulted in an overall last-place finish.
Of particular concern? Neighboring states – #11 Delaware and #29 Pennsylvania – are far more competitive.
Governor Murphy’s failed attempts to lure businesses to New Jersey using social issue/woke-only arguments have proven unsuccessful in light of his Administration’s massive corporate tax hike and anti-business policies. The state’s workforce still hasn’t recovered from the Great Recession.