From the APP:
New Jersey routinely places at or near the bottom in almost every economic analysis of states in America. It’s one of the worst places in the country to do business; it has among the highest business and personal taxes; it’s overregulated; it’s electric utility rates are high and it has one the highest debt loads in the country. And its high property taxes make home ownership unaffordable for the middle-class.
Instead of addressing crucial structural issues with the state’s economy — like lowering corporate and property taxes, the leadership in this state has determined that it’s more important to boost the minimum wage to $15, raise taxes on job-producing people, legalize marijuana and lay down a welcome mat for illegal immigrants — at taxpayers’ expense.
The Murphy administration tried to lure Amazon to Newark with an outrageous $7 billion incentive. Amazon thumbed its nose at New Jersey’s enticement and decided to spend its money in two other places — which combined offered billions less than New Jersey. That says a lot about the state’s economic reputation.
While the governor pursues his progressive “fairness economy” his tax policies are destroying the opportunity to unlock New Jersey’s potential to attract investments that create jobs that support middle-class families.
According to a recent report, the average salary in New Jersey ($57,000) is not enough to afford the average rent of $2,062. A $15 minimum wage will not help. State property taxes now average $8,700 a year; New Jersey has the sixth-highest personal income tax rate in the nation (8.97 percent) and the third-highest per capita tax ($6,709) and the sixth-highest debt. Consequently, young people and retirees are fleeing the state — and business owners are taking note that the state is failing to address affordability issues.
If the governor is seeking a “fairness economy,” shouldn’t he be focusing on creating an environment that attracts good-paying jobs for millennials and older adults? Technology and manufacturing jobs that lift people out of poverty are going to less expensive states. Companies like Mercedes Benz and Honeywell are taking their high-paying jobs to Georgia and North Carolina and it’s not hard to figure out why.