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>NEW JERSEY RANKED WORST STATE FOR SMALL BUSINESS TAXES

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For the second year in a row, New Jersey is ranked as having the worst small business taxes in the nation, reports the non-partisan Tax Foundation.

New Jersey ranked worse than New York, California, Ohio, Rhode Island and Maryland, according to the study, the seventh annual report from the Washington D.C. based group.

New Jersey’s poor ranking was a result of the highest property taxes in the nation, the third highest income taxes and ranking in the bottom ten states for high sales taxes and high corporate taxes.

Tax Foundation economist Joshua Barro explained that New Jersey’s high taxes are directly responsible for the net loss of private sector jobs in the state over the past few years. “Every tax law will in some way change a state’s competitive position relative to its immediate neighbors, its geographic region and even globally,” Barro said. “Entrepreneurial states can take advantage of the tax increasing of their neighbors to lure businesses out of high tax states,” he added.

*from AFP- NJ Newsletter

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