Report: New York, New Jersey Worst Business Tax Climates
New York State and New Jersey continue to be at the bottom of the list of friendliest business-taxed states, according to the latest report from the Tax Foundation.
For the fifth year in a row, New Jersey is ranked 50th while New York ranks 49th, the fourth straight year of the ranking. Each of the lowest-ranking states all have "complex" and "high" business tax rates, the report states.
"The states in the bottom 10 tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates," the report reads.
The states with the best business climate, according to the Tax Foundation, are Wyoming (1st), followed by South Dakota, Alaska, and Florida.
On Monday, The Business Council released an independent study that showed New York's financial sector, the number one contributor to the state's GDP, is being negatively impacted by a continuum of negative fiscal policies, leading jobs and income to leave for other more business-friendly and lower cost of living states.