With Tax Day approaching on April 18 and 73% of Americans thinking that the government does not spend their tax dollars wisely, the personal-finance website WalletHub today released its 2023 Tax Burden by State report, as well as expert commentary, along with its 2023 Tax Facts infographic.
In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden – property taxes, individual income taxes, and sales and excise taxes – as a share of total personal income.
Tax Burden in New Jersey (1=Highest, 25=Avg.):
- 6th – Overall Tax Burden (9.76%)
- 4th – Property Tax Burden (4.88%)
- 17th – Individual Income Tax Burden (2.36%)
- 43rd – Total Sales & Excise Tax Burden (2.52%)
For the full report, please visit: