WalletHub: New Jersey is 2022’s state with the 6th highest tax burden
NEW JERSEY – New Jersey is 2022’s state with the 6th highest tax burden, according to a study done by WalletHub.
With Tax Day approaching on April 18 and 81% of Americans thinking that the government does not spend their tax dollars wisely, the personal-finance website WalletHub Tuesday released its 2022 Tax Burden by State report.
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 (10.11%)
- 4th – Property Tax Burden (4.98%)
- 20th – Individual Income Tax Burden (2.54%)
- 43rd – Total Sales & Excise Tax Burden (2.59%)
Here are the top 5 states with the highest tax burden:
- New York
Here are the top 5 states with the lowest tax burden:
- New Hampshire
For the full report, click here.