New Jersey is rapidly making its bad business climate worse, the Press of Atlantic City stated today in an “Our View” editorial.
Legislators have wasted no time increasing the burden on New Jersey’s heavily regulated and taxed businesses, the South Jersey daily newspaper stated, citing the new paid sick leave mandate and pay equity laws as well as the anticipated tax increases coming with the state’s new budget.
In addition to the new laws, other proposals are in the works, the Press noted. Lawmakers are considering legislation to expand the paid family leave law, create local stormwater utilities funded by local fees on businesses, and establish a $15-an-hour minimum wage. Gov. Phil Murphy has also called for a millionaires tax and changes to the corporation business tax.
“Even a golden goose couldn’t stay healthy with this amount of bleeding,” the editorial stated, “but New Jersey’s economy already has lagged behind that of the nation for the past decade.”
The newspaper also referenced NJBIA’s regional competitiveness report comparing New Jersey’s business climate to Pennsylvania, New York, Connecticut, Delaware, Maryland and Massachusetts.
“This confirms in a more detailed and local way what the nonprofit, nonpartisan Tax Foundation has long reported — that New Jersey ranks dead last in the nation for business tax climate,” the Press said. “And these rankings were before this year’s tax and regulatory changes that will make New Jersey less competitive and less friendly to business. Long term, this costs state residents a lot in jobs, income and quality of life.”