Good Tax News for New Jersey

This is the first tax season since the 2017 Tax Cuts and Jobs Act went into effect. Tax liabilities have gone down all across the nation, but guess which state saw the biggest cut? New Jersey!

The Garden State's taxpayers saw an average 29.1 percent decline in tax liabilities through March 31, according to H&R Block. That amounts to $1,972 less in taxes.

But even though Americans are getting taxed about 25 percent less, on average, their refunds are up only by 1.4 percent on average. In New Jersey, refunds have actually declined by $179. H&R Block said the answer, at least for its clients, lies in the fact that many people failed to update their withholding rates after the tax code was overhauled.