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"New Jersey scores at the bottom by having the third worst individual income tax, tenth worst sales tax, and worst property tax."
Corporate rate: 40 out of 50 states.
"Other states with comparatively hight rates include ..... New Jersey (9.36 percent including a 4 percent surcharge).
Individual Income Tax Index: 48 out of 50 states.
"Other states rounding out the bottom 10 are New Jersey, Ohio, Iowa, Vermont, Wisconsin, New York etc.... The individual income tax systems in these states are plagued by high tax rates and progressive bracket structures."
"Meanwhile states where the tax base is found to cause an uncessary drag on economic activity are Maryland, California, New Jersey Rhode Island, Ohio and West Virginia. "
"A marriage penalty exists when a state's standard deduction and tax brackets for married taxpayers filing jointly are not double those of single filers. This is discriminatory and has serious business ramifications. The top earning 20 percent of taxpayers is dominated by married couples. This same 20 percent also has the highest concentration of business owners (43 percent) of all income groups. States with the largest marriage penalties include Maryland, California, New Jersey, Rhode Island, Ohio, Vermont and North Dakota."
Taxable Wage Base
The states with the highest taxable bases, and thus, the worst scores on this variable include Washington, Idaho, Alaska, Oregon, and New Jersey.
Property Taxes: 50th out of 50 states.
"Property taxes are especially important to businesses because the tax rate on commercial property is generally higher than on residential property.Additionally, localities and states often levy taxes on the personal property or equipment owned by a business. Since property taxes can be a
large burden to business, they can have a significant effect on location decisions."
"States that score poorly on the index are New Jersey, Connecticut,Nebraska, Pennsylvania and Rhode Island. These have high property tax rates and they generally levy several wealth-based taxes."
Summary:
'New Jersey, which ranks 50th out of 50
states, has a tax code that reads like a
“What Not To Do” for legislators. On the
Corporate Tax Index, New Jersey earns
its 40th rank by having the 7th highest
rate in the country, plus restrictive
carry-forward rules. It then tries to
paper over its onerous corporate tax
system by offering tax credits for jobs,
research and investment. On the Sales
Tax Index, New Jersey earns its 41st
ranking with a 7% statewide rate, the
highest of any state without local
option sales taxes. New Jersey scores
third to last on the Individual Income
Tax Index, because its income tax code
is somewhat less damaging than
California’s and Maryland’s. On the
Property Tax Index, New Jersey scores
dead last, with residents paying more
property tax per capita than in any
other state. Only New Jersey’s unemployment
insurance tax is on par with
the national average, ranking 24th best.'
Oh well, at least the gasoline tax is the 4th lowest in the country.
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