New Jersey is one of the highest taxed states in the nation! We know, that’s not much of a surprise. But now it’s official, following a ranking by financial analysts at WalletHub ahead of Tax Day 2023 which considers various taxes such as state and local taxes, income tax, real estate tax, and excise tax. The ranking included all 50 states and the District of Columbia, and New Jersey ranked 43rd overall.
According to the WalletHub ranking, New Jersey has the highest average real estate tax rate in the nation at 8.71 percent and one of the highest gas tax rates in the country. Additionally, the Garden State’s effective sales and excise tax rate was ranked seventh in the nation, and its income tax rate was ranked 10th. A related article notes that New Jersey has the nation’s highest property taxes by a significant margin.
The study also found that New Jersey residents do not pay annual vehicle-property taxes, unlike residents in 23 other states and the District of Columbia.
More than 81 percent of people are more concerned about inflation than taxes, according to the study. Additionally, over 70 percent of Americans agree on two things: that their current tax rate is too high, and that the government does not spend their tax dollars wisely.
One of the study’s more interesting findings was that 23 percent of people claimed that they would stop speaking for six months to avoid taxes forever. Moreover, 37 percent of people would get an “IRS” tattoo if it meant they would never be taxed again.