According to the latest numbers released by the Tax Foundation, New Jersey earned the dubious distinction of having the second-worst business tax climate in the United States, finishing 49th out of 50.
The unhappy news comes courtesy of the foundation’s annual edition of “Facts and Figures,” which was first published in 1941.
Rankings are a function of five component taxes, all of which are individually scored. New Jersey’s numbers: corporate tax (49); individual income tax (41); sales tax (48); unemployment insurance tax (32); and property tax (50).
New Jersey finished one place ahead of neighbor New York, which was ranked 50th. Pennsylvania’s overall ranking was 24, and Connecticut came in at 42.
The best business tax climates, at least according to the foundation: Wyoming (1), South Dakota (2), and Nevada (3).