The Tax Foundation's annual report ranks New Jersey in the bottom 10 in four of the five categories it examines. The state has been 50th overall since 2015.
Because the unemployment fund is drained, payroll taxes are due to jump significantly next July. A bill seeks to limit, though not block, the increase.
The state plans to borrow $4.5 billion to balance its budget and boost its surplus to $2.5 billion. Spending is higher than Gov. Phil Murphy had pitched.
Business groups are hammering Gov. Phil Murphy’s budget plan over its more than $1 billion in tax hikes, two-thirds affecting the wealthy and corporations.
The Legislature begins its review of Gov. Phil Murphy’s budget Tuesday, with the typical four-month marathon turned into a sprint concluding in three weeks.