The Real Cost to New Jersey of Being an Outlier: The Impact of Steep Corporate Tax Rates
- Over the last quarter century, New Jersey’s high business taxes have led to an outmigration of businesses, loss of income to other states and a stagnant economy and population relative to the U.S.
- A step-down or elimination of Corporate Business Tax, paid for by closing loopholes and eliminating tax incentives, can restore New Jersey’s competitiveness & spur economic growth
the staff of the Ridgewood blog
Morristown NJ, just a few decades ago New Jersey’s economy was the envy of the nation. In recent years the state has become an outlier, ranked at the bottom of most lists for its ability to attract and retain business in the Garden State, primarily driven by a high cost of doing business and tax burden. In a new report, the Garden State Initiative offers an alternative path to restore the state’s competitiveness through tax reform that allows New Jersey’s natural attributes to outweigh its crushing tax burden.
