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 . “