New Jersey Tax Rate Among Country’s Worst
Tax Day is just about a month away, and a recent study reminds us just how bad things are in the Garden State when it comes to taxes.
The only thing that surprises many of us about the findings at wallethub.com is that we didn't rank worse. There are 8 states in the nation that actually have worse tax rates than New Jersey.
So, are we happy about being ninth worst? We shouldn't be. Our tax rate in the Garden State is a whopping 12.87%, and that's only about 2% away from Illinois' country worst 14.89%.
And how far away are we from America's lowest tax rate? Very. In Alaska, the tax rate is 5.67%, and they don't have to deal with our humid summers either.And the bad news doesn't end there.
The folks at Wallethub adjusted the state rankings for cost of living and guess what happened to New Jersey's rating? If you said it got worse, you win. If you factor in cost of living, New Jersey has the 5th worst tax rate in the nation.
It's safe to say if you moved here for the great people or the beautiful shoreline, you made the right decision. If you moved here for the affordable tax rate, you need a new real estate agent.
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