Well, you don’t have to take Sunlight’s word for it. While agenda-driven “think-tanks” like NJ Policy Perspective insist that NJ’s tax burden is not so high, the federal government’s data says otherwise: over a lifetime, NJ has the highest tax burden of any state — by far. According to a study by financial technology company Self, which used Bureau of Labor Statistics data, over a lifetime spanning ages 18 to 79, NJ residents will pay an average of $931,698, 13% higher than second-place Massachusetts’ $827,185, and 16% higher than third-place Connecticut’s $805,213. New Jerseyans not only pay very high taxes, they pay a lot more taxes than residents of any other state.
And yet Gov. Murphy saw fit to raise personal and corporate tax rates as wished by his public union pals, who want more tax revenues so that state government can spend more – on them.
No wonder the Tax Foundation has ranked NJ as the worst business tax climate in the nation – for the seventh straight year. No wonder CEO Magazine recently ranked NJ 47th among the states as a place to do business – for the second straight year. No wonder companies like Mondelez picked up and left New Jersey, taking 600 jobs with it. No wonder the NJ economy has been an under-performer in its COVID recovery.
When taxes are too high, people, businesses and wealth leave the state for low-tax states like Florida and Texas, which is a recipe for long-term decline.
NJ: government by and for the special interests.