What’s Wrong with the Status Quo:
New Jersey has, arguably, the worst tax burden in the United States: we have the very worst business tax climate in the nation, 3rd highest income taxes, 6th highest corporate taxes, the very highest per-capita property taxes, and above-average sales tax. No wonder our state is the least competitive state in the region for jobs.
Property tax relief (the biggest middle class squeeze) was promised in 2005 and has gotten progressively worse.
We are overtaxed and the state is broke. The solution of the current administration is to raise taxes and spend more. The rating of New Jersey bonds and debt have been devalued twice in the last five years–showing the market’s lack of confidence in our state’s IOUs. An $8 billion deficit has been left for the next administration.
