Saturday, January 28, 2023

Tax Cuts? Everywhere EXCEPT New Jersey . . .

From Regina Egea, President of the Garden State Initiative:

New Jersey is getting left behind – again!

Over the last 2 years, states across the county, 38 states to be exact, have enacted significant reforms to their state tax codes. Overwhelmingly, those reforms have resulted in significant tax cuts for residents and to help businesses recover from the pandemic.

While those tax-cutters were a combination of “Red and Blue” states, New Jersey was not among them.

In the latest edition of our podcast, The GSI Briefing, I had the opportunity to speak with Katherine Loughead, a Senior Policy Analyst with the Center for State Tax Policy at the Tax Foundation, who covered all of the significant tax reforms across the country and what it means for our state.

Without giving too much away, perhaps the most important commentary was offered at the 20 minute mark, where I asked Katherine what New Jersey can do to compete. Her response should illuminate the discussion over our state’s budget next month – “Stop being such an extreme outlier” – when it comes to our high taxes.

You can listen to our complete conversation by clicking below and be sure to subscribe.

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