Wednesday, October 24, 2012

New Jersey Gets Paid

The Tax Foundation came out with its annual ranking of the state and local tax burdens affecting people in each of the states this week, and the news was not good for New Jersey. As was the case last year, our state came in second in the highest percentage of taxes exacted from its citizens, at 12.8 percent of our income. That put us just behind New York and just ahead of Connecticut.

That number, unfortunately, is moving in the wrong direction. It was at 12.4 percent in 2010, and all the way down at 10.7 percent in 2000, which is the lowest mark for any year since 1977. The average citizen of New Jersey pays a total of $4,853 in taxes within the state, and an additional $1,836 to other states, for a total of $6,689.

Was there any good news for New Jersey? We do rank as the second-highest state in income as well, with a per capita income of $53,869. So that's a little something to be proud of.

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