(The Center Square) – New Jersey ranked at the bottom of the Tax Foundation’s 2022 State Business Tax Climate Index.
The Garden State ranked 48th for both corporate taxes and individual taxes. It also ranked 43rd for sales tax, 44th for property taxes and 32nd for unemployment insurance taxes.
New Jersey “is hampered by some of the highest property tax burdens in the country,” the Tax Foundation said in its analysis. It also “has the second highest-rate corporate and individual income taxes in the country and a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”
In the region, New York ranked No. 49, while Connecticut ranked No. 47, Pennsylvania ranked No. 29 and Delaware No. 16. Nationally, Wyoming topped the list, followed by South Dakota and Alaska.
“As we continue the conversation about the great need to make New Jersey more affordable, the annual Tax Foundation report shows just how much of an outlier we are in the nation when it comes to taxes,” Michele Siekerka, president and CEO of the New Jersey Business & Industry Association (NJBIA) told The Center Square.
“Unfortunately, absent a real commitment to address our affordability challenges by our policymakers, New Jersey will continue to struggle to compete and will only maintain and enhance its reputation of not being business friendly,” Siekerka added.
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