Sen. Tom Kean said that $1.5 billion in tax increases imposed by Democrats have cemented N.J.’s last-place ranking in the Tax Foundation’s 2019 State Business Tax Climate Index. (Tax Foundation)
“Nobody should be shocked that raising business and income taxes by more than $1 billion would hurt New Jersey’s competitiveness,” said Kean. “What’s shocking, however, is how New Jersey Democrats fail to see how their destructive policies hurt middle-class families who may lose jobs, raises, and an opportunity to build financial security.”According to the Tax Foundation, New Jersey has dropped from 42nd to 47th place in state rankings of corporate taxes since last year, and from 48th to 50th in individual income taxes. Both are key components that contributed to the state’s overall 50th place ranking for business tax climate.
Kean said that additional legislative changes (S-2989) to the corporate business tax (CBT) being rushed by Democrats this week would exacerbate the problem.
“Even after this last-place ranking, New Jersey Democrats are continuing their efforts to cement the Garden State’s reputation as a bad place to do business,” added Kean. “Their new CBT legislation represents another policy shift that again changes the state’s tax treatment of some of our largest employers after major changes imposed several months ago. This continued instability in our state’s tax policy poses a very real threat to New Jersey’s efforts to retain employers when those businesses can find more predictable and tax-friendly environments in other states.”
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