Thursday, May 3, 2012

The Woes of New Jersey Taxes

An organization called the Small Business and Entrepreneurship Council recently released its Business Tax Index for the year 2012, assessing the impact of taxes on businesses in all 50 states and the District of Columbia. It probably won't come as any surprise to you to learn that when they combined the impact of 18 different taxes that affect small business, New Jersey landed right near the bottom. Minnesota was the only state with a worse score.

We weren't the worst in any single category - not even in our dreaded property taxes. New Jersey's property taxes stand at 5.36 percent of personal income, which is second from the bottom, behind New Hampshire at 5.75 percent. And in some categories we were relatively good, like finishing tenth from the top in local sales taxes, and third - behind only Alaska and Wyoming - in gas taxes.

But when you add them all together, only Minnesota and D.C. get an overall worse score. It might not hamper us too badly with small business, though, because the obvious state for local businesses to move to - New York - is just one notch above us on the ladder.

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