New Jersey
Small business in New Jersey face monumental burdens
New Jersey was founded on small business. The hope of starting a small business continues today as the “American Dream”, working hard for yourself, your family, or a group of friends and partners and reaping the benefits of that hard work.
When starting a small business you search for the best tax incentives, corporate taxes, personal income tax, property tax, sales tax, and unemployment tax. Where can you go to get the best tax break on all five of these factors? It’s not New Jersey.
New Jersey is the least tax-friendly state to start a small business. The least friendly. According to a new study by www.simplifyllc.com gathered 2023 data from the U.S. Department of Labor, Tax Foundation, and Federation of Tax Administrators New Jersey small business faces the most tax burdens in the United States.
We already know as the most populated state, New Jersey has some major tax problems, namely they are too high across the board but a real look at the numbers that will affect small businesses is eye-opening. I had no idea that the numbers were this bad.
Here is how New Jersey measured up:
The Corporate Tax Rate in New Jersey is 9% which ranks 48th in the country.
The Personal Income Tax Rate ranks 47th at a whopping 10.75%.
Property Tax in New Jersey ranks dead last at number 50 with an average of $3,538 per household.
The Sales Tax comes in at number 44 with an average of 6.63%. Although the statewide sales tax is 7% there are pockets of Urban Area Tax Incentives that reduce that overall average to 6.63%.
The only bright spot in this tax mess is the Unemployment Tax which is at 6.4% and ranks 25th in the country.
Combine all those tax factors and there is no doubt you can see why New Jersey is the least tax-friendly state for small businesses.
I’m always a glass-is-half-full person who likes to look at the positive side of a negative situation and I pride myself in finding a positive solution to the negative information that I have received. I must say this is a little overwhelming. As a very small business owner, I can certainly sympathize with those trying to make the best of it. While there was some relief provided by the state and federal government from the losses that we all experienced from the pandemic, it is still tough in 2023 to get the engines running when the obstacle of the large amount of taxes awaits you. I wish all of us good luck and hope one day that the tax burden on small businesses in New Jersey will change.
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The post above reflects the thoughts and observations of New Jersey 101.5 weekend host Big Joe Henry. Any opinions expressed are Big Joe’s own.
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“If one union gets a better deal than the other, the one that did not get a better deal, it’s automatically entitled to that compensation,” Kolluri said. “That is basically where the dispute stands.”
According to Murphy, the original deal offered to the union would have provided the engineers “their hard-earned raises without blowing up NJ Transit’s budget” but it was ultimately rejected by the union members.
Murphy said NJ Transit is ready to continue negotiations whenever the union wants to meet, and both sides have been invited to reconvene by the National Mediation Board on Sunday.
But for now, the engineers are on strike.
A tentative agreement reached in April called for engineers to get a 4% annual pay raise, but union members overwhelmingly rejected the deal.
At that time they were demanding salary hikes of 18% to 23 %, but the transit authority resisted the ask, citing budget constraints.
The engineers have been working without a contract since 2019.
About 350,000 commuters take NJ Transit trains daily. The agency’s strike contingency plan calls for increased bus service from four temporary park and ride locations, but officials said the plan will only accommodate about 20% of travelers and recommended that people work from home, if possible.
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Move over Olivia, New Jersey has a new top female name for 2024.
While Liam and Olivia appear to be the dynamic duo as the most popular baby names across the country and in New Jersey for 2023, this year things are different.
Today the Social Security Administration revealed the most popular baby names residents of the Garden State named their bundles of joy for 2024.
Liam continues to dominate for the boys, but for the females newcomer Mia reins supreme this year. There were 468 new baby girls named Mia while only 418 new baby girls were named Oliva.
Below are the top ten names for newborns in the Garden State.
2024 top 10 boy baby names in New Jersey
- Liam
- Noah
- Lucas
- Joseph
- Michael
- Ethan
- Luca
- Anthony
- James
- Oliver
2024 top 10 girl baby names in New Jersey
- Mia
- Sophia
- Emma
- Olivia
- Charlotte
- Amelia
- Isabella
- Sofia
- Leah
- Ava
Powerball, Mega Millions jackpots: What to know in case you win
Here’s what to know in case you win the Powerball or Mega Millions jackpot.
Just the FAQs, USA TODAY
Powerball winning numbers are in for the Monday, May 12 drawing with a jackpot that reached an estimated $93 million ($42.3 million cash option).
Powerball winning numbers
The winning numbers from Monday’s drawing are 15, 16, 41, 48, and 60, with Powerball number 21. The Power Play multiplier was 3x.
Did anyone win the Powerball jackpot?
No one won the Powerball jackpot.
When is the next Powerball drawing?
The next Powerball drawing is Wednesday, May 14. Drawings are held at 10:59 p.m. every Monday, Wednesday and Saturday.
How late can you buy a Powerball ticket?
In New Jersey, in-store and online ticket sales are available until 9:59 p.m. on the night of the draw.
What does it cost to play Powerball?
Powerball costs $2 to play. For an additional $1 per play, the Power Play feature can multiply nonjackpot prizes by two, three, four, five or 10 times.
Are you a Powerball winner? Here’s how to claim your lottery prize
All New Jersey Lottery retailers will redeem prizes up to $599.99. For prizes over $599.99, winners can submit winning tickets through the mail or in person at New Jersey Lottery offices. By mail, send a winner claim form, winning lottery ticket and a copy of a government-issued ID to New Jersey Lottery, Attn: Validations, PO Box 041, Trenton, NJ 08625-0041.
Winners can drop off their claim form and winning ticket in person at the New Jersey Lottery office where a secure drop box is available. Claim forms are also available at the office. Hours are Monday to Friday from 8:30 a.m. to 4:30 p.m.; Lawrence Park Complex, 1333 Brunswick Avenue Circle, Trenton, NJ 08648.
To find a lottery retalier, you can search the NJ lotto website.
What are the Powerball prizes?
The complete guide to winnings is:
- Match 5 White Balls + Powerball: Jackpot
- Match 5 White Balls: $1 million
- Match 4 White Balls + Powerball: $50,000
- Match 4 White Balls: $100
- Match 3 White Balls + Powerball: $100
- Match 3 White Balls: $7
- Match 2 White Balls + Powerball: $7
- Match 1 White Ball + Powerball: $4
- Match Powerball: $4
- Match 5 White Balls with Power Play: $2 million
- Match 4 White Balls + Powerball with Power Play: $200,000
- Match 4 White Balls with Power Play: $400
- Match 3 White Balls + Powerball with Power Play: $400
- Match 3 White Balls with Power Play: $28
- Match 2 White Balls + Powerball with Power Play: $28
- Match 1 White Ball + Powerball with Power Play: $16
- Match Powerball with Power Play: $16
What are the odds of winning the Powerball jackpot?
The overall odds of winning the Powerball jackpot are 1 in 292.2 million.
How do I find the Powerball winning numbers?
Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. from the Florida Lottery draw studio in Tallahassee. Drawings are also lived streamed on Powerball.com. The winning numbers are posted to the Powerball and New Jersey Lottery websites.
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