WalletHub Study: New Jersey Is the 10th Worst State to Be Rich from a Tax Perspective

The New Jersey Statehouse and Capitol Building In Trenton

With the tax deadline for most Americans fast approaching and low- and middle-income families expected to pay higher effective tax rates than the rich, the personal-finance website WalletHub today released its report on 2019’s Best States to Be Rich or Poor from a Tax Perspective as well as accompanying videos.

In order to identify the states where people in different income brackets spend the most and least on taxes, WalletHub calculated the share of one’s income that he or she contributes toward sales and excise taxes, property taxes and income taxes.

Tax Burden in New Jersey (1=Best, 25 =Avg.):

  • 28th – Low Income Earners (9.87% of Income)
  • 20th – Middle Income Earners (9.01% of Income)
  • 42nd – High Income Earners (9.88% of Income)

For the full report, please visit:
http://wallethub.com/edu/best-states-to-be-rich-poor-from-a-tax-perspective/11257/

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