New Jersey Is Not The Worst Tax State
The Garden State is not the worst state in America for taxes according to the 24/7 Wall St. website.
Before you get too excited, the news isn't exactly good for New Jersey, but at least we're not the worst tax state, which most of us probably thought we would be, but no. And we have only Connecticut and New York to thank for that.
Yes, New Jersey is the third worst in the country when it comes to taxes. We are number 3 in percentage of income paid for taxes (12.2%), third in state and local taxes ($6926) and first in average effective property tax rate at 2.3%.
So, once again the Garden State finds itself near the top of a list it would rather be on the bottom of. By the way, Connecticut's combined state and local tax per capita is $7869 and in the Big Apple it's $6993, in case that makes you feel a little better.
Here's a fact you may wish you never knew. If we pay 12.2% of our income to taxes, that means at a 9 to 5 job that means that the first hour of each day goes straight to taxes. So if you get in at 9:00am, you work for tax money until 9:59am. Wow.