Corzine’s New Jersey – is it any wonder?

The Tax Foundation has some interesting information about New Jersey:

Fiscal policy in the Garden State reads like a “what not to do” for policymakers and stakeholders. The corporate income tax combines a high rate, onerous rules, and lavish subsidies for the politically connected. The sales tax is one of the highest in the country. The state is one of five to adopt a heavy individual income tax on high-income earners, which has reduced economic activity in the state. New Jersey residents also pay more property tax per capita than residents of any other state.

New Jersey Among Highest Top Income Tax Rates
(excludes states that permit deduction of federal income tax)

Rank State Top Income Tax Rate
1 Hawaii 11.0%
2 California 10.55%
3 Rhode Island 9.9%
4 Vermont 9.5%
5 New Jersey 8.97%
5 New York 8.97%
7 Maine 8.5%

Table 2: New Jersey Has Highest 2008 State-Local Tax Burden in U.S.

Rank State State-Local Tax Burden
1 New Jersey 11.8%
2 New York 11.7%
3 Connecticut 11.1%
4 Maryland 10.8%
5 Hawaii 10.6%
6 California 10.5%
7 Ohio 10.4%
8 Vermont 10.3%
9 Wisconsin 10.2%
10 Rhode Island 10.2%

Table 3: New Jersey is Least Business-Friendly State in 2009

Overall Rank State Corporate Tax Rank Individual Income Tax Rank Sales Tax Rank Property Tax Rank
41 Minnesota 44th 39th 40th 17th
42 Nebraska 32nd 33rd 42nd 48th
43 Vermont 31st 45th 15th 42nd
44 Iowa 46th 46th 26th 33rd
45 Maryland 14th 50th 31st 34th
46 Rhode Island 40th 42nd 30th 43rd
47 Ohio 33rd 47th 39th 46th
48 California 45th 49th 43rd 15th
49 New York 22nd 43rd 49th 45th
50 New Jersey 39th 48th 41st 50th

It is hard to imagine Jon Corzine’s New Jersey doing anything more than it already has to deter business and dig the hole of fiscal irresponsibility any deeper.

Table 2: New Jersey Has Highest 2008 State-Local Tax Burden in U.S.

Rank State State-Local Tax Burden
1 New Jersey 11.8%
2 New York 11.7%
3 Connecticut 11.1%
4 Maryland 10.8%
5 Hawaii 10.6%
6 California 10.5%
7 Ohio 10.4%
8 Vermont 10.3%
9 Wisconsin 10.2%
10 Rhode Island 10.2%
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