NY Contemplates Tax Hikes; Which May Save New Jersey’s Budget
NY contemplating tax hikes - including eliminating the sales tax exemption on clothing sales. That would push consumers to go into NJ where those sales are tax free. That would be a boon to NJ retailers - and fill NJ coffers.
New York would be left high and dry - not only would sales tax revenues fall short of projections, but watch corporate tax revenues slide as business falls off as consumers go out of state to make their purchases.