Keating in Asbury Park Press: Murphy Accelerating New Jersey’s Race to the Bottom

By at 28 March, 2018, 1:20 pm

New Jersey ranks almost dead last, number 49 to be exact, on SBE Council’s Small Business Policy Index 2018.  In this March 26 Asbury Park Press Op-ed, SBE Council chief economist Raymond Keating writes: “When it comes to taxes and other governmental burdens, New Jersey Gov. Phil Murphy is wasting no time in trying to catch up with California. And that’s not a good thing.”

California ranks #50 on the Index, which is the bottom of the list in terms of how the state ranks on small business friendliness with regard to its policy environment.

Murphy’s budget calls for more taxes and spending. As Keating notes:

“On the tax front, he has called for jacking up the already-high top personal income tax rate of 8.97 percent to 10.75 percent — which would become the third-highest rate among the states, only behind Hawaii and California. The state sales tax also would climb from 6.625 percent to 7 percent. In addition, Murphy has called for an increase in the state’s minimum wage to $15.”

Piling more costs on entrepreneurs, small businesses and New Jersey taxpayers will only speed up their exodus to more policy friendly and affordable states. In other words, Murphy’s “race to the bottom” is making a very bad situation far worse.  Read the Op-ed here.

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