the staff of the Ridgewood blog
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 .
Just when you thought New Jersey could not fall off the floor there is more bad news coming for New Jersey. Legislation pending in Congress, with President Biden’s support, would place New Jersey’s business taxes as the highest in the world. Yes you read that right New Jersey’s taxes would be the: Highest Business Taxes In The World.
Currently Portugal has the highest corporate tax rate among Organisation for Economic Co-operation and Development (OECD) nations in Europe at 31.5%, and Japan, the highest rate in Asia, has a corporate rate just under 31%. New Jersey’s combined rate, with the proposed federal increase to 25%, would be 33.6%. The worldwide average corporate tax rate is estimated at about 24%, so New Jersey would surpass that average by approximately 40%.