PHILADELPHIA (KYW Newsradio) — With multiple major corporations leaving New Jersey in recent months, local leaders say something has to change.
According to Christina Renna, CEO of the South Jersey Chamber of Commerce, it’s because taxes on businesses in New Jersey are simply too high.
“What Trenton needs to do is lower the cost of doing business,” she said. “And that’s everything from taxes to energy to regulatory landscape.”
New Jersey’s corporate tax rate is 11.5%, the highest in the United States. Renna says it’s hard to be competitive in the Garden State when its neighbors can offer a better deal: Pennsylvania, for example, has a 7.5% corporate tax rate, with annual reductions until it reaches 5%.
Renna said that losing a company like Burlington Stores, named for the city where it was founded, should be a wake-up call. Burlington announced on Sept. 3 that it would be moving its headquarters to Philadelphia.
New Jersey Senator Latham Tiver said it’s time to stop the exodus of businesses — including ExxonMobil, Samsung and Mars Wrigley — that have taken tens of millions in tax revenue with them.
“We’re just making it harder and harder for them to stay in the state,” he said. “Help these businesses stay. These are jobs. There’s thousands of jobs leaving New Jersey.”
A spokesperson for New Jersey Governor Mikie Sherrill’s office said the governor is laser-focused on strengthening the state’s business climate, attracting new investments, and creating more opportunities and good-paying jobs for workers and families.
Burlington Stores, ExxonMobil, Mars Wrigley and others have announced their departure in recent months. Locals say it’s because New Jersey has the highest business tax rates in the country
Burlington Stores, ExxonMobil, Mars Wrigley and others have announced their departure in recent months. Locals say it’s because New Jersey has the highest business tax rates in the country
