On Wednesday, New Jersey Republican State Committee Chairman issued the following statement concerning the Tax Foundation’s report ranking New Jersey as the state with the worst business tax climate in the nation for the fourth year in a row:
"For the fourth consecutive year, New Jersey's business tax climate is ranked as the worst in the nation by The Tax Foundation. Governor Corzine has crippled our state's businesses with crushing tax burdens. The strain of the $1.2 billion tax increases in the FY2010 budget and the highest property taxes in the country have left New Jersey businesses and families struggling. And the Governor has only made a bad situation worse by taking away over $2 billion in property tax rebates from middle class New Jerseyans. Despite the Governor's desperate attempts to distract from those failures, the prognosis of our state's economic health is undeniable - four years of Governor Corzine's disastrous policies have left us on life support."
New Jersey Is Ranked Last In The Nation In State Business Tax Climate By The Tax Foundation For The Fourth Year In A Row. (Kail M. Padgitt, "2010 State Business Tax Climate Index," The Tax Foundation , 9/09)
* New Jersey's Ranking Due In Large Part To It's "Dead Last" Score On Property Taxes. "On the other hand, some states do manage to achieve an almost uniformly good or poor tax climate. New Jersey has only one tax that scores dead last, property taxes, but its overall ranking is 50th because it has no competitive taxes." (Kail M. Padgitt, "2010 State Business Tax Climate Index," The Tax Foundation , 9/09)
* New Jersey Also Scores 47th In The Nation On Individual Income Tax. (Kail M. Padgitt, "2010 State Business Tax Climate Index," The Tax Foundation , 9/09)