New Jersey Ranked LAST Overall In “Business Friendliness”
“New Jersey and You: Perfect Together” may have been a catchy slogan in the 80’s, but based on the 2009 State Business Tax Climate Index released by the Tax Foundation, the new slogan is “New Jersey Hates Businesses“, because New Jersey has been ranked 50th, (out of 50 States), in overall “Business Friendlessness.”
Based on 5 major components used to score a State on their friendliness towards businesses finds New Jersey with the following rankings:
Corportate Tax Index Rank: 40th
Individual Income Tax Index Rank: 48th
Sales Tax Index Rank: 41st
UI Tax Index Rank: 24th
Property Tax Index Rank: 50th
What a disgrace to anyone who runs or owns a business in the State of New Jersey, the backbone of any economy. This is just another example of why businesses and residents are leaving the State in droves.
Accompanying New Jersey to round out the bottom three are California and New York. Is anyone surprised that these 3 liberal States have a bias against businesses and make up the 48th, 49th and 50th most unfriendly States towards them?
What can be done to fix or at least improve the situation? Well, the first thing will be to elect a Republican next year as Governor. But meanwhile, the State Legislature should look at the following suggestions by the Tax Foundation:
Corporate tax rate to fall to 9% in 2009
Look at improving sales tax base
Consider repealing realty transfer tax
Estate & inheritance tax reform
Long term: rate cuts, property tax reform
Reading over the above suggestions, clearly the one that stands out as the most important to concentrate on firsst is reforming the property tax. That is really tied to most that ails this State.
You can read the full report HERE.
Will the leaders of New Jersey wake up and smell the coffee?
October 6th, 2008 at 4:17 pmPlease define “Reforming Property Tax”? And what does this have to do with business environment?
How about limiting Eminent Domain of business. i.e. Why move your business to New Jersey, if it will be condemned if you expand?
How about: Encouraging privatization of our HUGE public sector? Pension funds? Public Health Care? Toll roads? It is important to cut off the flow of funding to the Democratic machine.
How about: Making School Budget Votes actually mean something, forcing the existing budget to remain until voters accept a replacement.
How about: Focusing Economic Development and growing a self-sustaining tax base for our hobbled and budget-leaching cities.
How about: Calling for bids for a private rail tunnel to NYC.
Realty Transfer fee must go.
State Electronic Deed Database. (The NJ paper system of business and deed registration dates back to the 1700’s. )
October 6th, 2008 at 5:17 pmThe only surprise is that there are still enough businesses left to keep the State’s ponzie scheme alive.
October 7th, 2008 at 3:55 pmexcellent work, thanks
September 8th, 2009 at 3:14 amyour site is very great!!!
September 11th, 2009 at 3:57 amIt is the coolest site, keep so!
October 4th, 2009 at 12:05 pmLike the site very much, thanx 4 your efforts webmasters