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NJBIA Analysis Shows New Jersey Dead Last in Regional Business Climate Competitiveness

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file photo by Boyd Loving

May 3,2018

the staff of the Ridgewood blog

Trenton NJ, With New Jersey’s legislature weighing new tax hikes during budget season, the New Jersey Business & Industry Association released an analysis today that finds the Garden State already ranked last in the region for business climate competitiveness.

“This analysis should serve as an opportunity to reclaim our competitiveness and to improve the state’s economy through comprehensive planning, not excessive taxation,” said NJBIA President and CEO Michele Siekerka. “There is no better time than now to recognize the growing challenges of doing business in New Jersey and our competitive disadvantage with neighboring states.”

NJBIA tracked six individual business costs—minimum wage rate, top income tax rate, top corporate tax rate, sales tax rate, property taxes as a percentage of home value, and the top unemployment tax rate – and compared New Jersey’s rates with those of Connecticut, Delaware, Maryland, Massachusetts, New York and Pennsylvania.

Applying a scoring system to the most and least competitive regional rates, New Jersey finished last of the seven states by a considerable margin.

New Jersey currently ranks last out of all states in the region in top income tax rate (8.97 percent), sales tax rate (6.625 percent) and property tax paid as a percentage of home value (2.16 percent). New Jersey is also sixth out of seven states in top corporate tax rate (9 percent). The Garden State has the third lowest minimum wage rate in the region at $8.60 per hour and, more positively, has the lowest top unemployment tax rate in the region of 5.8 percent.

However, it’s foreseeable that New Jersey’s overall regional business climate could further decline with discussions of a minimum wage increase to $15 per hour, proposals to raise the top income tax rate for those making more than $1 million, and consideration of a Corporate Business Tax increase. These are in addition to the added costs brought on by the mandatory paid sick leave bill signed into law and the proposed sales tax increase to 7 percent.

“It’s important to recognize that New Jersey businesses are already paying their fair share when it comes to tax rates and the additional cumulative costs that are being discussed and proposed could result in stagnation of our businesses, reduced staffing and hours or automation, according to our members,” Siekerka said. “We need tax and regulatory reform to address structural deficits in our economy, such as public pension and health benefits costs, and school funding. We cannot tax our way out of these challenges.”

Using data compiled by NJBIA policy analyst Nicole Sandelier, NJBIA scored the regional rates from 1 (most competitive in the region) to 7 (least competitive). New Jersey’s cumulative regional business climate score was 31 after totaling the six rates. Delaware has the best regional score at 17, followed closely by Maryland at 20. Pennsylvania (23) and New York (24), New Jersey’s largest outmigration states, finished third and fourth, respectively.

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Earthquake felt in North Jersey

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November 30,2017
the staff of the Ridgewood blog

Ridgewood NJ, yes that was an earthquake you felt . An earthquake in Delaware was felt as far as North Jersey today. The United States Geological Survey reports that a 4.1 magnitude earthquake was detected northeast of Dover around 4:47 p.m. Thursday. That earthquake was about 8 kilometers deep.

“WTF was that? Was that an earthquake” a reader responded to the slight shaking and readers from New York City, all over Bergen county and as far south as Philadelphia reported a little shaking going on. Many Ridgewood residents reported feeling it.

Emergency officials have not said if there was any damage or injuries because of the earthquake. Originally the earthquake was reported as 4.4 magnitude, but the USGS later downgraded it .

New 12 reports that Today’s earthquake is reminiscent of the 2011 earthquake in Virginia. The 5.8 magnitude earthquake was felt across over a dozen states, including New Jersey, and parts of Canada.

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Trump Sweeps 5 States in Massive Landslide !

NRA Holds Its Annual Meeting In Nashville

April 27,2016

the staff of the Ridgewood blog

Ridgewood NJ, Donald Trump moved another step closer to the Republican nomination , by sweeping 5 North East States in massive landslide victories .For the Cruz camp it was the end of the road , Ted Cruz is now mathematically eliminated . Trump won decisively in all 5 states getting a 50 plus % majority in every state and over 60% in Rhode Island and Delaware. After winning all five primaries tonight;  Connecticut, Rhode Island, Delaware, Maryland and Pennsylvania Donald Trump now has 949 delegates . The magic number is  1,237 delegates  and there are still 651 available.

http://www.foxnews.com/politics/elections/2016/presidential-primary-caucus-results