New research from the Tax Foundation indicates that New Jersey has the highest top statutory corporate tax rate in the country.<\/p>\n

One of 44 states that levy corporate income taxes is the Garden State, which the Washington, D.C.-based charity estimates contributed 7.07% to state tax collection and 4.04% to general state revenue in the fiscal year 2021.<\/p>\n

According to the research, the top marginal corporate tax rate for the upcoming tax year is 11.5% in New Jersey, followed by Minnesota at 9.8% and Illinois at 9.50%.<\/strong><\/p>\n

The lowest flat rate in the nation is in North Carolina, where it is 2.5%, followed by rates in Missouri and Oklahoma, which are both at 4%, according to the research.<\/p>\n

The fiscal year 2021’s corporation tax percentage across the country is “much up” compared to prior fiscal years.<\/p>\n

“Corporate income taxes represented 2.26% of total revenues in FY 2020<\/strong>, which is more consistent with historical averages, “They wrote the study.<\/p>\n

According to the foundation, economists see corporate income taxes as double taxation that disproportionately affects consumers, shareholders, and workers.<\/p>\n

The foundation stated, “The same money is taxed once as profit and once as individual income when dispersed as dividends to shareholders.”<\/p>\n

Gov. Phil Murphy has stated that citizens should expect “substantial tax reduction,” even after the state passed a $2 billion property tax<\/strong> refund scheme last year. This could be good news for New Jerseyans despite the state’s high tax load.<\/p>\n

<\/p>\n

The state’s corporate company tax levy of 2.5 percent will also expire, according to the Democratic governor. Since 2018, there has been a fee; it will end in December. The corporate tax rate in New Jersey will decrease to 9% in 2024 if that takes place.<\/p>\n

Business leaders in the state have long argued that taxes need to be reduced to stop companies and employees from moving to jurisdictions with cheaper rates.<\/p>\n

Data from the U.S. Census Bureau show that between July 2021 and July 2022, New Jersey lost an estimated 6,000 inhabitants.<\/p>\n

The Tax Foundation’s research, according to lobbyist Christopher Emigholz<\/a> for the New Jersey Business and Industry Association, shows that the state continues to be a “negative outlier in costs and affordability” because it has the nation’s highest corporate tax rate by a wide margin and is the only one in double digits.”<\/p>\n

The state “won’t be the worst,” he claimed, because of the promises to let the business tax surcharge expire.<\/p>\n

More to Read:<\/strong><\/p>\n

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• Autism Rates Have Shockingly Increased by 500% in the New York-new Jersey Region, According to Rutgers<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

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