NJPP Statement: New Jersey's 'State Business Tax Climate' Has Little Impact on Actual Prosperity
Below is a statement from NJPP president Gordon MacInnes on New Jersey’s ranking of 49 in the Tax Foundation’s latest State Business Tax Climate study.
The Tax Foundation’s State Business Tax Climate study makes one thing perfectly clear: the link between tax rates and actual prosperity borders on nil. New Jersey may rank next to last on this year’s survey, but that means very little in terms of the state’s ability to grow good jobs.
For proof, compare our progress in crawling out of the recession with our neighbor New York, which was the only state ranking lower than New Jersey this year. New Jersey’s recovered about half the jobs it lost in the recession, while New York has recovered all of them – and added more to boot.
Economic opportunity and shared prosperity will only come to New Jersey if we make the investments in the things that matter most to businesses: higher education, safe and reliable transportation networks, clean and safe communities and a well-educated workforce.
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