New Jersey’s toxic business climate appears to have claimed another victim, Save Jerseyans.
On Thursday, ROI-NJ.com reported that the Somerset-based packing company Pacon Manufacturing Corp. had issued a WARN notice – pursuant to the Worker Adjustment and Retraining Notification Act of 1989 – announcing that 150 of its employees may be out of work by July 30th.
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The company reportedly plans to relocate to North Carolina, and it may offer all 150 employees positions down south. According to the Garden State Initiative, the move will cost the town of Somerset $240,000 per year in lost property tax revenue.
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.
In North Carolina it’s just 5.25% for the income tax and only 2.5% for the business tax.
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