
December 20,2017
the staff of the Ridgewood blog
Ridgewood NJ, the latest Tax Foundation ratings are out and once again New Jersey ranks dead last in business climate . #50 New Jersey ranked in the bottom 5 along with
#49 New York , #48 California ,#47 Vermont and #47 District of Columbia .
Neighboring states ,#15 Delaware ,#26 Pennsylvania and #49 New York .
According to the Tax Foundation , “The absence of a major tax is a common factor among many of the top 10 states. Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate income tax, the individual income tax, or the sales tax. Wyoming, Nevada, and South Dakota have no corporate or individual income tax (though Nevada imposes gross receipts taxes); Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire, Montana, and Oregon have no sales tax.
This does not mean, however, that a state cannot rank in the top ten while still levying all the major taxes. Indiana and Utah, for example, levy all of the major tax types, but do so with low rates on broad bases.
The states in the bottom 10 tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates. 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 . “
Governor-elect The Murph just said on the TV that “We need to mimic the good value for the money strategies like Massachusetts and California.” Yeah. That. The iceberg grows closer… Cue the band.
Full speed ahead.Edward John Smith April 15, 1912.
Too bad dopey Murphy can’t put aside his far left ideology and look to his uber-liberal neighbor governor (Cuomo) who eschewed his liberal ideology by implementing massive (conservative) pro-business tax incentives, like “START-UP NY” and “TAX FREE NY”.
These programs in NY give businesses massive tax breaks including NO TAX in some cases when business invest, expand or move into NY.
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This uber-conservative pro-business push by NY has resulted in a booming economy and improved wages and opportunities for workers.
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Too bad Murphy is still stuck in his 1940s liberal socialist/communist worship..
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There is nothing worse than a rich Goldman Sachs limousine liberal who was over compensated during his Wall Street career. Remember when the government bailed out AIG ? The beneficiary of that bailout was Goldman Sachs.
These mega millionaires are so out of touch. Did the voters already forget th damag done by Corzine?
yes they did and voted for Murphy (Corzine 2.0 )
You people are overlooking the fact that this has occurred after 8 years of a REPUBLCAN governor! Murphy isn’t even in office yet.
NJ is a Soprano state and as such can only do Soprano type business. We had a fat Christie now we have a slim Murphy. Next will be another slick crook. We are stuck between a rock and a hard place. I bet Murphy has NO IDEA how he is going to manage NJ. You just need to look at the people he is picking for key positions.
What best describes what to expect under Murphy is an Iron Maiden song called Empire of the Clouds. Take a moment to listen to it if you have time to spare.
bilbo11 – you are forgetting that the Republican governor was continually road blocked by the democrat legislature…