NJ vs NY Tax War – A battle worth losing
Posted on 04 April 2009
American’s for Tax Reform had an article tuesday discussing the battle going on between NJ legislators and NY legislators. Since there is only one thing both of those esteemed groups of politicians take seriously, you can guess what the article is all about:
New York and New Jersey are locked in an epic battle. The fight: which state can raise the tax burden the highest until virtually every resident and business just leaves.
The article proceeds immediately into a depressing mode:
In mid-march, we reported on New Jersey’s attempt to turn the Garden State into a depopulated ghost town by raising $1 billion in taxes on individuals, businesses, homeowners, and consumers. As a result of having raised more taxes than any other state since 2002 (a combined $22 billion), the Garden State has seen hundreds of thousands of residents flee for low tax states like Pennsylvania and Florida.
It is so sad that we in New Jersey are routinely listed in case studies as one of 4 states that you really do not want to emulate-in any category. But there was at least some good news.
In a resounding victory for fiscal imprudence, the budget will give the Empire State the worst-ranked business tax climate in the nation – stealing the number one spot away from rival New Jersey.
Read the entire article here.
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