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New Jersey Business Taxes Slated to Become Highest in the World

the staff of the Ridgewood blog

Ridgewood NJ, New Jersey is  the highest business tax in the country at 11.5%. No other state even reaches double-digits level of taxation . This burden has contributed greatly to state’s rankings of the worst business climate in the U.S., 2nd worst state in the U.S. for entrepreneurs  and the worst state in the U.S. to start a business. New Jersey anti business reputation is well earned .

Just when you thought New Jersey could not fall off the floor there is more bad news coming for New Jersey. Legislation pending in Congress, with President Biden’s support, would place New Jersey’s business taxes as the highest in the world. Yes you read  that right New Jersey’s taxes would be the: Highest Business Taxes In The World.

Currently Portugal has the highest corporate tax rate among Organisation for Economic Co-operation and Development (OECD) nations in Europe at 31.5%, and Japan, the highest rate in Asia, has a corporate rate just under 31%. New Jersey’s combined rate, with the proposed federal increase to 25%, would be 33.6%. The worldwide average corporate tax rate is estimated at about 24%, so New Jersey would surpass that average by approximately 40%.

The Star-Ledger/NJ.com August 13, 2021 OPED by  Jack Ciattarelli the GOP Gubnatorial Candidate said :
During an event at Rowan University, Governor Phil Murphy said: “If you’re a one-issue voter, and tax rate is your issue…we’re probably not your state.” Probably not your state?! Who says that?!
Rarely does a single sentence give such a clear window into how a politician thinks. To me, Governor Murphy’s comments were proof that he just doesn’t get it.

 

7 thoughts on “New Jersey Business Taxes Slated to Become Highest in the World

  1. Governor Phil Murphy said: “If you’re a one-issue voter, and tax rate is your issue…we’re probably not your state.” Probably not your state?! Who says that?!

    Well, if you don’t like conservatives, Cuomo, you tell people they don’t belong in your state.

    If you don’t like people who complain and won’t just shut up and pay, you tell them this is not the state for them.

    Remember folks, to him you are ONLY a TAXPAYER. Your job is to SHUT UP and PAY!!

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  2. New Jersey will always be the worst in most categories that has to do with taxes. NJ has such a large population that contributes nothing to the states economy. As the state becomes more diverse under a majority of democratic elected officials in the urban areas the rate of money being given away to those areas will always increase. Murphy will keep finding ways to welcome people that have nothing but the ability to constantly take up resources. I often wonder why people in the urban areas keep voting for a group of individuals that invite more non-contributors into the state. The lower wage earners will never get ahead if illegal immigrants are willing to work off the books for less. Look at the size of our state and ask why does it take so much money to run it. You would think we have more square miles that Montana. We have the highest gas prices. We have tolls all over the place on major roads (where does all that toll money go). We have crazy inheritance taxes on people that have contributed to NJ their entire life. We allow the lottery money to go “who knows where”.
    There should be a way to educate people on what it take to run something efficiently so that they can see how we waste time and money on feel good things that produce nothing but more takers. Maybe more civic lessons and less CRT may help.
    Have a great day wondering about this.

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  3. “New Jersey will always be the worst in most categories that has to do with taxes. NJ has such a large population that contributes nothing to the states economy. As the state becomes more diverse under a majority of democratic elected officials in the urban areas the rate of money being given away to those areas will always increase. ‘

    You are correct. And these people are truly victims.

    Victims of policies easily foreseen to make them dependent on the “good nature” of the state, with no way out except to take more from the state with the knowledge that they no longer can make it on their own.

    As it was planned from the start. LBJ basically said it would have”them” voting Dem for 200 years………

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  4. You will never be able to attract new businesses or keep current businesses if the tax rate is so high. Besides that the real estate taxes are way too much and with very little return to New Jersey and it’s infrastructure. Tax, tax, tax, tax, tax! WTH! All parties need to get a grip!!

  5. This will satisfy the Leftists who, despite their seemingly high education, have zero understanding about economics.

  6. On multiple occasions Phil has opined that if this is how I feel I should leave the state. I pay way more of my share to live here and I am leaving. Bye Phil. Who’s gonna fund the holdouts to your buddies when enough people like me leave?

  7. This election affords us the chance to vote out that sack of fertilizer Phil Murphy.
    If you vote for Murphy you will get more Critical Race Theory in our schools than factual education , more screw ups at the already screwed up Motor Vehicles, less police protection because Murphy is a rabid anti-police progressive. If you vote for Murphy and you expect our state to be a safe place you better think twice because all you’ll get from Murphy is more of his radical crime-friendly “California of the East” pledge which will truly have NJ circling the drain.

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