New Jersey's Tax Competitiveness Is Dead Last

Date: November 15, 2017

Related Content: News Economy New Jersey

 

For the fourth year in a row, New Jersey has the worst tax climate for business in the nation, according to the Tax Foundation’s 2018 State Business Tax Climate Index, which allows businesses, lawmakers, and taxpayers to see how competitive their state is compared with others.

The study authors sum up the Garden State’s problem succinctly: “New Jersey is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst-structured individual income taxes in the country.”

Here’s how New Jersey ranked in all categories:

  • Overall rank: 50th
  • Corporate tax: 42nd
  • Individual income tax: 48th
  • Sales tax: 46th
  • Unemployment insurance tax: 36th
  • Property tax: 50th

 

However, the study authors did offer a sliver of positive news: “If New Jersey completes the repeal of its estate tax next year as anticipated, its rank can be expected to improve on the property tax component of the Index, where it currently ranks 50th.”

Related Content: News | Economy | New Jersey

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