New Jersey has worst business tax climate
LAST AND DEFINITELY LEAST: The Tax Foundation has released its State Business Tax Climate Index, and New Jersey is at the bottom.
By Josh Kaib | WatchdogWire.com
Chris Christie means business, that much is clear, but the state he governs isn’t so business-friendly.
New Jersey has the worst business tax climate among the states, according to a report released Tuesday by the Tax Foundation.
The 2015 State Business Tax Climate Index ranks the states on five categories: individual income taxes, corporate income taxes, property taxes, sales taxes and unemployment insurance taxes.
The reports says New Jersey “suffers from some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance and an estate tax, and maintains some of the worst structured individual income taxes in the country.”
Since 2012, the first year the rankings were available, New Jersey has ranked either last or second to last.
New York isn’t much better, ranked 49th, but other neighboring states have better tax climates. Pennsylvania ranks 34th and Delaware 14th.