NJ To Have Highest Corporate Tax Rate in Country?

“After Gov. Phil Murphy doubled down on the millionaire’s tax Monday morning, state Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin doubled down on a corporate business tax hike — suggesting an increase that would give New Jersey the highest corporate tax rate in the country. Sweeney (D-West Deptford) and Coughlin (D-Woodbridge) revealed at an afternoon news conference Monday that the Legislature is pursuing a corporate business tax on C-corps to the tune of 11.5 percent for companies with revenues from $1 million to $25 million, and to 13 percent for companies earning more than $25 million.”

Read: Is N.J. headed for highest corporate tax rate in country? at ROI-NJ

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