AFP Op-Ed: When Will New Jersey Join The States Cutting Taxes?
The following op-ed appeared today in the Press of Atlantic City:
“What a great week for tax reform – again in a state other than New Jersey. Last week, the North Carolina Legislature and governor announced sweeping changes to the Tar Heel State’s tax code that will lower the income tax and corporate tax, cap the gas tax and kill the death tax.
While other states are doing the right thing to bolster growth through economic freedom, the sad reality is New Jersey continues to fall behind. North Carolina has done the right thing in flattening its income tax. It is going from three income-tax brackets down to one, with a flat rate of 5.8 percent in 2014 and then 5.75 percent in 2015. This is a far cry from New Jersey, which has one of the most progressive income-tax systems in the nation, with six different brackets and a top rate of 8.97 percent.
When it comes to the corporate tax, the difference is even more staggering. New Jersey has a flat rate of 9 percent on business, while North Carolina is set to lower its rate to 6 percent by next year and could drop it to as low as 3 percent in 2017.”