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Chris Christie means business, that much is clear, but the state he governs isn’t so business-friendly.
New Jersey has the worst business tax climate among the states, according to a report released Tuesday by the Tax Foundation.
The 2015 State Business Tax Climate Index ranks the states on five categories: individual income taxes, corporate income taxes, property taxes, sales taxes, and unemployment insurance taxes.
The reports states that New Jersey “suffers from some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance and an estate tax, and maintains some of the worst structured individual income taxes in the country.”
Since 2012, the first year the rankings were available, New Jersey has ranked either last or second to last.
New York isn’t much better, ranked 49th, but other neighboring states have better tax climates. Pennsylvania ranks 34th and Delaware 14th.
The study ranks Wyoming as having the best tax climate for business. It’s economy grew much faster last year than New Jersey’s: Wyoming’s 7.6 percent GDP growth rate dwarfs the Garden State’s tiny 1.1 percent.
But the index shows that states can change. North Carolina ranked 44th last year but climbed all the way to 16th. The state began implementing tax reform last year.
So what could New Jersey do to improve its ranking? Property taxes are the highest in the nation, so starting there might make sense. In the first three years of Gov. Christie’s term, net property taxes rose by 18.6 percent due to rebate cuts.
Tags: business, gov. chris christie, small business, Taxes
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