New Jersey has suffered from its meager economic growth, writes The Wall Street Journal. Since 2010, the state’s GDP has grown at an annual rate of only 0.9% - less than half of the rate in the rest of the country. And with a top rate of 8.97% on households over $500,000, taxes are the second highest in the Northeast, just behind New York City. With Phil Murphy running the State House in Trenton in January, expect the tax-and-spend decline to accelerate.
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