New Jersey ranks 3rd worst in new economic outlook analysis
New Jersey finished 48th in a study by the American Legislative Exchange Council (ALEC) that examined the 50 states’ economic outlooks based on 15 policy measures.
The economic outlook ranking for New Jersey examined such variables as top marginal personal income tax rate (11.75 percent) and top marginal corporate income tax rate (11.5 percent). Other measures examined include property and sales tax burdens, existence of estate or inheritance taxes, debt service as a percentage of tax revenue and the number of public employees per 10,000 people.
The study titled “Rich States, Poor States” also ranked states based on their economic performances from 2009 to 2019. In that assessment, New Jersey ranked 46th.
The state’s cumulative gross domestic product from 2009 to 2019, its overall loss of population to other states between 2009 and 2019 and nonagricultural job growth from 2009 to 2019 determined how it fared in the economic performance ranking.
—
State Rankings on Economic Outlook and Performance
State2021 Economic Performance Ranking2021 Economic Outlook RankingTop Marginal Personal Income Tax RateTop Marginal Corporate Tax RateUtah414.95%4.95%Florida520%4.5%Oklahoma2235%6%Wyoming4440%0%North Carolina1455.25%2.5%Indiana2165.25%5.25%Nevada1170%0.65%North Dakota1282.9%4.31%Texas190%2.66%South Dakota17100%0%Idaho8116.93%6.93%Tennessee13120%6.5%Arizona7138%4.9%Georgia10145.75%6.39%Wisconsin34157.65%7.9%Michigan30166.65%8%Virginia31175.75%7.64%Alaska48180%9.4%New Hampshire25190%7.7%Colorado2204.55%4.55%Missouri41216.4%4.58%Louisiana49223.78%6.32%Arkansas26235.9%6.2%South Carolina6247%5%Alabama28254.15%6.05%Kansas39265.7%7%Mississippi47275%5%Ohio32287.3%3.69%Kentucky29297.2%7.2%Massachusetts19305%8%Delaware20317.85%11.77%West Virginia45326.5%6.5%Iowa33335.37%9.68%Montana15346.9%6.75%Nebraska24356.84%7.81%Pennsylvania40366.94%16.84%Washington3370%6.85%New Mexico43385.9%5.9%Connecticut50396.99%7.5%Maryland35408.95%8.25%Rhode Island37415.99%7%Hawaii274211%6.4%Maine36437.15%8.93%Oregon94414.68%15.8%California164513.3%8.84%Minnesota18469.85%9.8%Illinois42474.95%9.5%New Jersey464811.75%11.5%Vermont38498.75%8.5%New York235012.7%17.3%
Source: American Legislative Exchange Council
Disclaimer: This content is distributed by The Center Square
