NJ At Bottom of Barrel in Business Tax Climate Rankings for Sixth Year in a Row
2020 Tax Foundation survey says Garden State has multiple “afflictions” when it comes to high taxes
TRENTON, Oct. 22, 2019 – Today, the Tax Foundation released its annual State Business Tax Climate Index, and New Jersey is in 50th place for the sixth year in a row. The authors say the ten states in the lowest rankings “have a number of afflictions in common, complex, nonneutral taxes with comparatively high rates.”
“NFIB has long argued that New Jersey’s tax burden makes this an undesirable place to own a business, and this report just verifies that,” said Laurie Ehlbeck, state director of NFIB in New Jersey. “It is apparent our tax policy has gone so far down the rabbit hole it’s hard going to very hard for small businesses to come back up for air unless lawmakers immediately admit the problem and begin to address it.”
The Tax Foundation report says that New Jersey “is hampered by some of the highest property tax burdens in the country, has the second highest-rate corporate income tax in the country and a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”
“New Jersey business owners are stressed out, not just over the extremely high taxes, but expensive new labor mandates,” added Ehlbeck. “It’s a very hard time to be an entrepreneur in this state and survive. It’s time for the Governor and lawmakers to turn this around by making our state a place that welcomes small business.”
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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.
