New Jersey’s Business Climate Ranks Dead Last [AUDIO]
New Jersey ranks worst in the country for its business climate. That’s according to a report by the non-profit Tax Foundation which cites the state’s high income taxes, property taxes, sales taxes and corporate taxes.
“Members of the Legislature need to make Governor Christie’s call for across-the-board income tax cuts their top priority this year,” said Laurie Ehlbeck, State Director of the National Federation of Independent Business.
“Most small businesses pay their business taxes out of their personal income tax, so on paper, it looks like they’re more wealthy than they actually are because from that comes expenses to keep their business going,” said Ehlbeck. “For the average family making about 75 thousand dollars a year, the cuts the Governor is talking about could save them about 500 dollars a year.”
“The Governor’s proposal is actually very modest. If the legislature enacts it, we’ll still have one of the highest income tax rates in the country,” said Ehlbeck “But, a lower rate would still help improve the state’s reputation.”
“From a regulatory standpoint, things have improved for business owners in New Jersey,” said Ehlbeck. “We are optimistic about the changes that have been made and we’re looking forward to changes that are to come. Lawmakers need to realize that cutting taxes will create jobs. The two issues can’t be separated in this current economic climate.”
“Everyone knows taxes are a drag, but this is proof that high taxes are literally dragging down New Jersey,” said Assemblyman Anthony Bucco, a member of the Assembly’s Commerce and Economic Development and Budget Committees. “It should also serve as a deterrent to Democrats in Trenton who oppose Governor Christie’s income tax cut and want to raise taxes on taxpayers who have a legitimate gripe when it comes to complaining about being overtaxed.”