September 27, 2009
"N.J. and taxes: We're No. 50!"
By Asbury Park Press Editorial Board
First the good news about taxes: New Jersey didn't lose ground this year in the Tax Foundation's annual comparative state rankings for the worst tax climate for businesses. Now the bad news: It ranked dead last—50th out of 50—for the fourth consecutive year. And in a similar ranking by Forbes magazine released last week, it slipped from 34th in 2006 to 45th today.
According to the Tax Foundation's 2010 rankings, also released last week and based on a July 2009 snapshot of five major tax categories, New Jersey is in a league by itself, with taxpayers serving as the doormats.
Of the five major components of the index, New Jersey ranked 50th in property taxes, 47th in income taxes, 41st in corporate income taxes, 38th in sales taxes and 25th in unemployment insurance taxes.