staff of the Ridgewood blog
Trenton NJ, A new report shows that New Jersey ranks dead last in the nation for our overall Business Tax Climate. Delaware is 13th, Pennsylvania is 27th, and New York is 48th. New Jersey also ranks 46th in property taxes, 48th in corporate taxes, and 50th in individual taxes.
In 2018 Governor Murphy raised the Corporate Business Tax (CBT) to the nation’s highest level. This year the Governor and legislative Democrats hiked the state income tax. Trenton Democrats also cancelled the scheduled sunsetting of part of the CBT and instituted a new tax on healthcare companies. There’s even a new “Rain Tax” under Governor Murphy, who said if taxes are an important issue to you, “we’re probably not your state.”
GOP Chairman Doug Steinhardt issued the following statement:
“Since taking office, Governor Murphy has waged a relentless assault on the State’s job creators. We saw this clearly over the last several months, as his approach to the fiscal challenges posed by the pandemic boiled down to “private sector pain, and public sector gain”. Now, we have further confirmation that New Jersey Democrats are failing New Jersey citizens. In fact, New Jersey is ranked dead last in overall tax climate by the independent tax policy research Tax Foundation. We could be a vibrant hub of innovation, leading the country in job growth, GDP, and opportunity for all, but Governor Murphy’s policies are like cement shoes holding us down, keeping Garden Staters from prosperity, and making it harder to live, work, and raise a family here. We deserve better than another Murphy induced last place ranking, and New Jerseyans deserve a Governor who will deliver real growth and opportunity for all the citizens of our State.”