With New Jersey’s legislature weighing new tax hikes during budget season, the New Jersey Business & Industry Association released an analysis today that finds the Garden State already ranked last in the region for business climate competitiveness.
“This analysis should serve as an opportunity to reclaim our competitiveness and to improve the state’s economy through comprehensive planning, not excessive taxation,” said NJBIA President and CEO Michele Siekerka. “There is no better time than now to recognize the growing challenges of doing business in New Jersey and our competitive disadvantage with neighboring states.”
NJBIA tracked six individual business costs—minimum wage rate, top income tax rate, top corporate tax rate, sales tax rate, property taxes as a percentage of home value, and the top unemployment tax rate – and compared New Jersey’s rates with those of Connecticut, Delaware, Maryland, Massachusetts, New York and Pennsylvania.
Read more here.