NJ business group to lawmakers: Stop the talk about raising taxes!
With the state Legislature considering several tax hikes put forth by Gov. Phil Murphy, a new study finds New Jersey ranks dead last in the region for business climate competitiveness.
The New Jersey Business and Industry Association analysis reviewed several factors including the minimum wage rate, income tax rate, corporate tax rate, sales tax rate, property taxes as a percentage of home value and the top unemployment tax rate of seven Northeast states, including New Jersey.
“When you add all these things together, New Jersey scored at a 31 because we are last in most of these categories,” said Michele Siekerka, the president of the New Jersey Business and Industry Association.
“Unfortunately, New Jersey is an outlier when it comes to tax and cost, relative to our region and the states within our region.”
She noted the results are bad news for the Garden State in multiple ways.
“Not only do we have a competitiveness issue, but we’re an extreme outlier in this area, and that is even before we consider tax policies that are facing New Jersey residents as part of the proposed budget.”
Siekerka said NJBIA is strongly recommending “that our policymakers take a comprehensive look at tax reform, and do it now.”