Even if New Jersey dramatically cuts the corporate income tax, it would still have to slice the sales tax to compete effectively with lower-tax states. While New Jersey looks at increasing taxes, its competitor states are looking at how to decrease them as a way to boost business and industry. Increasing taxes will only further the climb required to grow the economy.
Those are some of the findings from the new report released by the Garden State Initiative. The report details New Jersey’s business competitiveness compared with five states: Connecticut, New York, Pennsylvania, North Carolina and Ohio. The study delves into commercial and manufacturing industries that face off against each other across state lines.
Click here to download a PDF of the full report.