New Jersey business leaders and policy advocates said Wednesday that drastic changes must be made in the wake of a new report that shows the state once again has the worst tax climate in the country for businesses.
More than five years after the official end of the Great Recession, long-term unemployment remains at historically high levels in New Jersey, according to an Issue Brief released today by New Jersey Policy Perspective.
The vast majority of income counted by the IRS as “lost” due to out-migration does not depart the state. When most residents leave New Jersey, either for a job in another state or to retire, they don’t actually take their income with them. Instead, that income usually stays with its employer in New Jersey, and is earned by other residents already in the state or by those who move in.
As a Senior Policy Analyst, Sheila will be focused on the state budget, tax policy and related economic issues, particularly as they relate to low- and moderate-income people.
Taxes are merely a small piece of a larger puzzle and aren’t close to being the main, let alone the whole, story.