picture Steven Sweeney and Vincent Prieto and the Trenton gang
September 29,2016
the staff of the Ridgewood blog
Ridgewood NJ, It’s that time of the year again! The Rax Foundation released their 2017 State Business Tax Climate Index, which allows you to compare you state’s business tax burden across 5 major categories and taking into account over 100 variables. New Jersey ranked dead last in business tax climate . The report credits Trenton leadership with, “some of the worst-structured individual income taxes in the country.”
This year, the states at the top of the pack are Wyoming (1), South Dakota (2), Alaska (3), Florida (4), Nevada (5), Montana (6), New Hampshire (7), Indiana (8), Utah (9), and Oregon (10).
The states at the bottom of the pack include Louisiana (41), Maryland (42), Connecticut (43), Rhode Island (44), Ohio (45), Minnesota (46), Vermont (47), California (48), New York (49), and New Jersey (50).
According to the Tax Foundation ;the states in the bottom 10 tend to have a number of shortcomings in common: complex, non-neutral 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.
See how your state ranks on the map below or by clicking the button at the bottom of this email for the full report: https://taxfoundation.org/article/2017-state-business-tax-climate-index?mc_cid=8afd5cb450&mc_eid=c834f22e2e
