New Jersey, a state that has the nation’s third-highest unemployment rate, will face a massive tax hike on incomes above $3.9 million on Jan. 1.
That is the highest rate in the country.
The state’s top income tax rate was 50% in 2015, and that rate will rise to 59% on Jan 1, according to the tax agency.
New Jersey is one of the nation to be hit hard by the New York exit tax, which was implemented in New York City in 2010 to raise money to pay for social programs.
A tax increase of that magnitude, which has a negative impact on small businesses, is unprecedented, said Richard Mancuso, an economic adviser with the consulting firm M&M Advisors.
“The New York Tax Commission has not considered any tax increase to the state’s tax base.
It will have to.”
The New York tax, the largest in the nation, has been criticized for having a disproportionately negative impact for businesses, particularly small businesses.
But the tax has been used to fund social services and provide incentives for businesses to hire people.
New York Governor Andrew Cuomo has said he will not support a new tax, arguing that the current one, which takes effect Jan. 2, has already raised taxes on New Yorkers.
That means the tax will only raise money for the state.
“New Jersey is not the only state in the union that will be impacted,” said Jennifer Kishman, a tax expert at the University of Michigan.
“But it is the first to be affected.”
The state is also home to the largest percentage of the country’s population of workers, about 19.5% of the total population.
It has the second-highest share of working-age residents, at 22.5%.
Many small businesses in the state have struggled as a result of the tax.
One of the biggest employers of New Jersey workers, the insurance company Aetna, has reported a decline in profits of $1.5 billion in the last year, according the New Brunswick News.
The company reported that in the fourth quarter, revenue declined by $1 billion.
In addition, more than half of the businesses that reported their fourth-quarter earnings in the second quarter are closed, meaning the company will not be able to make any money.
New Brunswick is a major hub for tourism and manufacturing, which contributes $20 billion to the economy, according State Farm.
“It is not just the New Yorker that will suffer, but all of us,” said Chris Hannon, the state director for the advocacy group Tax Justice Network.
“Businesses are going to be paying more and less in taxes, and it is going to affect all Americans.”
For the most part, New Jersey’s largest employers are small businesses that make up about 14% of its workforce, according The Economic Policy Institute, a Washington-based think tank.
However, the impact of the exit tax is especially bad for the region’s largest businesses, including tech companies, retailers, and manufacturers.
According to the Economic Policy Center, New Brunswick lost $7.2 billion in economic output from January to March from tax hikes.
In the city of New Brunswick, nearly $3 billion in jobs were lost.
Businesses that rely on tourism, manufacturing, and other industries are particularly hard hit.
“I think it’s really going to hit our tourism industry hard,” said Robert Gagnon, president of the Atlantic City Convention and Visitors Authority, a tourism and convention business.
“We’ll have a tough time competing.”
The region’s other major employer is the state-owned Port Authority of New York and New Jersey.
It employs more than 14,000 people in the region, about 10% of all the state employees.
Port Authority spokesman Mike Gagnone said the agency will continue to support businesses and tourism in New Brunswick.
“Port Authority will continue its efforts to work with the New Jerseys Council to provide assistance for business owners impacted by the new tax,” he said in a statement.
Business owners in New Jersey are still able to file returns with their state employers.
“If you have a business in New Jersey, and you need a business tax credit, you should file your return.
We are not going to stop you,” said Hannon.
The New Jersey State Budget and Taxation Office said in January that the tax rate increase was a one-time temporary adjustment to offset a tax increase the previous year.
A previous tax increase for the same year also triggered a one cent tax increase.
In March, the Republican-controlled New Jersey legislature approved an extension of the income tax hike, which would continue for another year, though that is now being considered by Gov.
Chris Christie’s administration.
The governor has called the tax hike an “economic shock.”
However, it is unclear whether the governor will veto the bill, which could make the new increase permanent.
The Republican-led New Jersey Legislature has also failed to repeal