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After a $1.5 billion Tax Increase No Suprise NJ Ranked 50th in Tax Foundation’s 2019 State Business Tax Climate Index

Phil Murphy

the staff of the Ridgewood blog

Trenton NJ, Senate Republican Leader Tom Kean said that $1.5 billion in tax increases imposed by New Jersey Democrats this year have cemented the Garden State’s last-place ranking in the Tax Foundation’s newly released 2019 State Business Tax Climate Index.

“Nobody should be shocked that raising business and income taxes by more than $1 billion would hurt New Jersey’s competitiveness,” said Kean. “What’s shocking, however, is how New Jersey Democrats fail to see how their destructive policies hurt middle-class families who may lose jobs, raises, and an opportunity to build financial security.”
According to the Tax Foundation, New Jersey has dropped from 42nd to 47th place in state rankings of corporate taxes since last year, and from 48th to 50th in individual income taxes. Both are key components that contributed to the state’s overall 50th place ranking for business tax climate.

Kean said that additional legislative changes (S-2989) to the corporate business tax (CBT) being rushed by Democrats this week would exacerbate the problem.

“Even after this last-place ranking, New Jersey Democrats are continuing their efforts to cement the Garden State’s reputation as a bad place to do business,” added Kean. “Their new CBT legislation represents another policy shift that again changes the state’s tax treatment of some of our largest employers after major changes imposed several months ago. This continued instability in our state’s tax policy poses a very real threat to New Jersey’s efforts to retain employers when those businesses can find more predictable and tax-friendly environments in other states.”

One thought on “After a $1.5 billion Tax Increase No Suprise NJ Ranked 50th in Tax Foundation’s 2019 State Business Tax Climate Index

  1. Gotta hand it to ole Murph. Raises the gas tax another 4.3 cents, which is now up almost 28 cents in the last two years (after being 18.5 cents per gallon for decades). Says that people are consuming LESS gas so they need more tax $$ to cover the shortfall. Then, blames it on Christie. (full disclosure – not a Christie fan either. Gubernatorial screw ups are bipartisan in NJ).

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