TRENTON, NJ—A State Business Tax Climate Index, which ranks the Garden state last among the 50 states, has business and political leaders demanding reform.
The State Business Tax Climate Index, released annually by Washington, DC-based Tax Foundation, ranked New Jersey No.50 for the second straight year. Neighboring New York State came in at No. 49 in this year's rankings, according to NJ.com.
Michele Siekerka, president of the New Jersey Business & Industry Association, says in reaction to the report, "In 2015, we will take an even more laser-focused approach to the tax implications of New Jersey's businesses. Our goal is to make New Jersey competitive with our neighboring states. Lowering the tax burden will encourage an environment where businesses want to locate here bringing jobs with them to New Jersey."
The bottom 10 states in the Tax Foundation report are: Iowa, Connecticut, Wisconsin, Ohio, Rhode Island, Vermont, Minnesota, California, New York, and New Jersey.
"The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates," the report states. "New Jersey, for example, 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." See story at nj.com.
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