NEW JERSEY ONE OF THE WORST BUSINESS CLIMATES IN THE COUNTRY---AGAIN
TRENTON (November 17, 2015): The
National Federation of Independent Business (NFIB), having reviewed yet another
ranking that bluntly demonstrates the economic climate in New Jersey, is
calling on lawmakers to get their heads out of the sand and help the small
business community and tax payers of New Jersey before the migration to other
states increases to a stampede.
“The Tax Foundation’s release this
morning perfectly captures what has been nothing short of an epic failure by
our legislature to provide the tools needed to improve our economy,” According
to NFIB New Jersey State Director, Laurie Ehlbeck. “While other states have chosen
to implement sound tax policy, our lawmakers have prefer to disincentive the
hard working community of small business owners by crushing them with
unsustainable taxes.”
Ehlbeck is responding to this morning’s
release by the Tax Foundation entitled the 2016 State Business Tax Climate
Index. This index ranks various elements of a state tax system and based on
the premise that policies can either enhance or harm the competitiveness of a
state’s business environment, ranks all 50 states on both the individual
elements, and the overall climate.
“Not only did New Jersey rank 50th
but we were cited as a key example of what happens when an economy is hindered
by taxes on all levels. We suffer from some of the highest property taxes and
have what the Tax Foundation calls one of the worst-structured individual
income taxes in the country,” Continued Ehlbeck. “Legislators should be as
embarrassed by this study as our members are.”
The study, which has had New Jersey
consistently ranked at 49th for years, cited that states with the
best tax systems are the most competitive at attracting new businesses and most
effective at generating economic and employment growth. That could mean trouble
for New Jersey’s vulnerable economy.
“We have clear evidence that our tax
policies are an unnecessary drag on New Jersey’s economic activity. Next, we
will see a migration of businesses and tax payers flocking to states with
healthy economies and happier small business owners. If lawmakers do not take
action, there won’t be anyone left in New Jersey to tax.”