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Democrat N.J. Senate President wants to increase in the state’s corporation business tax rate

Senate President Sweeney_theridgewoodblog

March 7,2018

the staff of the Ridgewood blog

Trenton NJ, New Jersey suffers from the worst business climate in the United States . If not for the close proximity to New York in the north and Philadelphia in the south there would be virtually no business here at all . Jobs and companies have fled the Garden State non stop since the Kean Administration and yes it can only get worse. Democratic state Senate President Stephen Sweeney said on Tuesday that state coffers can get the money they need by enacting a 3 percent surcharge on corporate income.

The increase in the state’s corporation business tax rate from 9 percent to 12 percent on businesses with more than $1 million in income is the Democrats’ latest counterpunch to federal tax reform that slashed taxes on corporations but limited the state and local taxes residents can deduct.

It seems New Jersey Democrats will not rest until the very last business has left the state .

In 2017 the Tax Foundation rated New Jersey’s Business Climate the worst in the nation. The Tax Foundation said “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.”

In the 2017 Tax Foundation State Business Tax Climate Index , New Jersey scored and Overall Rank of 50 (Dead Last) Corporate Tax Rank 42, Individual Income Tax 48, Sales Tax 45 , Unemployment Insurance Tax 25,Property Tax Rank 50 (Dead Last again) .

So it is no surprise to everyone except New Jersey Democrats , the when moving company United Van Lines released its 36th in 2014 annual study of customer migration patterns, analyzing a total of 125,000 moves across the 48 continental states in 2012. The study provides an up-to-date, representative snapshot of overarching moving patterns in the U.S., and reveals a mass exodus from the Northeast. At No. 1, New Jersey has the highest ratio of people moving out compared to those moving in. Of the 6,300 total moves tracked in the state last year, 62% were outbound.

In 2016 the same annual moving survey from United Van Lines reveals the states where the most people move from and again for 2016, New Jersey holds the top honor in the latter category for the fifth year running.
Far be it from us to speculate, but CNN affiliate News 12 New Jersey suggests the exodus may be related to “common complaints from state residents about high property taxes, the recent gas tax hike and the poor conditions of state roads.”

6 thoughts on “Democrat N.J. Senate President wants to increase in the state’s corporation business tax rate

  1. why not just double the tax and get it over with?

  2. Another liberal with his hand out, again.
    Here’s a little advice Mr. Sweeney… Go [email protected]&$ yourself.

  3. 1:10 – If it was doubled, they’d come back for more next year.

  4. Clenched fist…Huey Long !

  5. Tax & spend baby

  6. How can this be a surprise to anyone?
    .
    Murphy literally ran on a platform of:
    “Hey you a$$holes – vote for me and I WILL raise your taxes”
    .

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