My reform program for New Jersey calls for, among other things, phasing out the corporate tax and increasing the legal minimum wage to $15 with full benefits or $18 without benefits. This would not apply to foreign workers with H2B visas.
The N.J. corporate tax accounts for about 10% of the total revenue of the state. The loss of it would be compensated with higher taxes on out-of-state and foreign earned dividends and capital gains for all those with an income above a certain threshold, say $100,000 for an individual.
Taxes on retirement accounts would remain the same.
In-state-earned dividend (from investment in N.J., S corporations, partnerships, and independent professional employers) on the other hand would become tax free.