On behalf of its 10,000 members in New Jersey, the National Taxpayers Union (NTU) today offered praise for Governor Chris Christie’s proposal to reduce the state’s corporate income tax rate. Governor Christie’s announcement comes on the heels of NTU’s submittal of a nine-point tax reform plan to the Governor’s office. NTU’s blueprint strongly recommends cutting, or eliminating, New Jersey’s corporate income tax to improve the state’s economy and create jobs.
New Jersey currently imposes a 9 percent tax on corporations, the 5th highest in the nation, and ranks as the 48th worst business climate out of 50 states (according to data from the Tax Foundation). Two of New Jersey’s neighbors, Delaware and Pennsylvania, levy even higher corporate rates (8.7 and 9.99 percent respectively), while nearby New York levies a still-substantial 7.1 percent rate.
NTU State Government Affairs Manager John Stephenson contends that this regional tax environment makes Christie’s proposal all the more imperative, since its enactment would give the state a clear competitive advantage.
Stephenson said, “With this plan Governor Christie continues his extraordinary leadership in putting New Jersey on the path to prosperity, all while he continues his extraordinary efforts in pulling his state’s government back from the brink of fiscal ruin. The Governor’s proposal to cut the corporate income tax rate will go a long way toward returning job growth to New Jersey. Taxpayers applaud his hard work.”