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According to the Tax Foundation’s 2020 State Business Tax Climate Index, New Jersey ranked least competitive in the nation, again.
“The states in the bottom 10 tend to have a number of afflictions in common: complex, non-neutral taxes with comparatively high rates,” the report stated. “New Jersey, for example, is hampered by some of the highest property tax burdens in the country, has the second highest-rate corporate income tax in the country and a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”