The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Ridgewood NJ, NFIB’s Small Business Optimism Index decreased 0.1 point in November to 90.6, which marks the 23rd consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from October but 10 points lower than this time last year.
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Morristown NJ, on June 30th, the United States Bureau of Economic Analysis issued its report on the Gross Domestic Product (GDP) by State for the 1st Quarter of 2021, which covers the months of January through March. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:
Continue reading New Jersey’s Real GDP fell at an Annual Rate of 2.2% in the First Quarter of 2022
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Ridgewood NJ, New Jersey is the highest business tax in the country at 11.5%. No other state even reaches double-digits level of taxation . This burden has contributed greatly to state’s rankings of the worst business climate in the U.S., 2nd worst state in the U.S. for entrepreneurs and the worst state in the U.S. to start a business. New Jersey anti business reputation is well earned .
Continue reading New Jersey Business Taxes Slated to Become Highest in the World
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Trenton NJ, Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano are speaking out against Governor Murphy’s plan to replenish the unemployment insurance fund with a $250 million payroll tax hike on employers. The 10th District Legislators are criticizing the Governor for continuing to hurt businesses in the state.
NJBIA Statement on First Anniversary of Murphy Administration Economic Plan
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Trenton NJ, NJBIA President & CEO Michele Siekerka, Esq., made the following statement on Tuesday regarding the one-year anniversary of the release of Gov. Phil Murphy’s economic plan.
“Through the first year of the plan, the administration has taken some much needed steps to put New Jersey on the path to regain its stature as the Innovation State. This is a vision shared by NJBIA, recognizing New Jersey’s location, workforce and infrastructure.
Continue reading New Jersey Business & Industry Association : “New Jersey’s taxes are exorbitant”
BettyLou DeCroce represents Legislative District 26 (Morris Essex & Passaic counties) and is a small business owner
Roxbury Twp NJ, Many state policy leaders treat New Jersey’s economy as if it were a stately mansion to be admired. They pretend to noticed that the termites have eaten the columns by the front door, that the roof leaks and that the foundation has begun to crumble. If the state’s economy were a house for sale it would be listed as outdated and in need of significant structural repairs.
As the state’s chief “realtor” Gov. Murphy’s sales pitch for New Jersey is that the house just needs a coat of paint and all will be fine. The reality is the state’s economic house needs a lot more than cosmetic makeovers.
Continue reading New Jersey’s Economic House is Crumbling…So, let’s Slap a New Coat of Paint On It
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Trenton NJ, Senator Steven Oroho Slams Governor Murphy’s Message to Businesses .
“You can’t raise business taxes by $1 billion and then lament months later how New Jersey’s tax policy has failed to draw start-ups to the state,” said Oroho. “While I hope this new initiative will prove successful, it’s likely that the mixed messages sent by Governor Murphy to the business community will continue to depress the state’s economic growth.”
Continue reading Senator Steven Oroho Slams Governor Murphy’s Message to Businesses
New Jersey Rates Worst State for Business Taxes
Ranking the Best and Worst States for Business Taxes
Annual release of the 2015 State Business Tax Climate Index
Washington, DC (Oct 28, 2014)—Wyoming, South Dakota, and Nevada rank among the best business tax climates, while companies in New Jersey, New York, and California struggle with the worst tax codes in the county, according to the newest edition of the Tax Foundation’s annual State Business Tax Climate Index.
The report’s key findings include:
The 10 most competitive states are: Wyoming (#1), South Dakota (#2), Nevada (#3), Alaska (#4), Florida (#5), Montana (#6), New Hampshire (#7), Indiana (#8), Utah (#9) and Texas (#10).
The 10 least competitive states are: New Jersey (#50), New York (#49), California (#48), Minnesota (#47), Vermont (#46), Rhode Island (#45), Ohio (#44), Wisconsin (#43), Connecticut (#42), and Iowa (#41).
The most notable ranking changes occurred in North Carolina, Nebraska, North Dakota, New York, Wisconsin, Maine, and Kansas (see state specific press releases for more details).
The report, now in its 11th edition, measures how well structured each state’s code is by analyzing over 100 tax variables in five different categories: corporate, individual income, sales, property, and unemployment insurance taxes. States are punished for overly complex, burdensome, and economically harmful tax codes, but are rewarded for transparent and neutral tax codes that do not distort business decisions. A state’s ranking can rise or fall significantly based not just on its own actions, but on the changes or reforms made by other states.
Since the last edition, many states have experienced ranking changes largely because of the fundamental reforms made in a handful of states. The most exciting change occurred in North Carolina which experienced the largest rank improvement in the study’s history, jumping from 44th to 16th place due to a fundamental overhaul of state’s tax code. Nebraska, North Dakota, New York, and Wisconsin also improved their tax codes. Conversely, Maine was the only state that saw a significant drop in rank this year due to its increased state sales tax rate.
“The federal government is gridlocked, but state policymakers on both sides of the aisle are enacting truly fundamental reforms,” said Tax Foundation Economist and Manager of State Projects Scott Drenkard. “States are doing their part and it’s time that Washington steps up.”
The goal of the State Business Tax Climate Index is to start a conversation between taxpayers and policymakers about how their states fare against the rest of the country. This report helps answer the questions: How well is your tax code structured? How competitive is your state compared to the rest of the county? Are businesses in your state spending too much time complying with onerous tax provisions? Are you double taxing things you shouldn’t?
Full Report: 2015 State Business Tax Climate Index 2015 State Business Tax Climate Index
