September 22, 2009
Press of Atlantic City Quotes Tax Foundation Staff Economist Kail Padgitt on New Jersey’s Business Tax Climate
"Survey say New Jersey's inhospitable tax climate chilly to business, residents"
By Kevin Post
New Jersey's reputation for heavy taxes was burnished Tuesday when it was named the worst state in two annual surveys by the nonprofit, nonpartisan Tax Foundation.
The foundation's annual State Business Tax Climate Index found the state's tax structure was the least hospitable to economic growth, and its survey of census data on property taxes found New Jersey's were tops in the nation. ...
New Jersey's corporate income tax is the nation's 10th worst, its personal income tax is fourth worst and its general sales tax is 13th worst. Only in unemployment-insurance costs does the state manage to fall in the middle rankings at 25th, and that is the index factor that matters least to corporations, according to the foundation.
"The best states on the list are most often able to do without a major tax," Kail Padgitt, who authored this year's study, said Tuesday. "The lower ranking states have all of the major taxes and the rates tend to be incredibly high."
