NEW JERSEY – New Jersey is the 4th worst state to be rich from a tax perspective, according to a study done by WalletHub.
With the tax deadline for most Americans fast approaching and low- and middle-income families expected to pay higher effective tax rates than the wealthy, the personal-finance website WalletHub Thursday released its report on the Best States to Be Rich or Poor from a Tax Perspective to help people find the states that will save them the most money on taxes.
In order to identify the states where people in different income brackets spend the most and least on taxes, WalletHub calculated the share of a resident’s income that they contribute toward sales and excise taxes, property taxes and income taxes.
Tax Burden in New Jersey (1=Best, 25 =Avg.):
- 18th – Low-Income Earners (9.37% of Income)
- 26th – Middle-Income Earners (9.85% of Income)
- 48th – High-Income Earners (11.97% of Income)
Best & Worst States for Low Income Earners:
Best & Worst States for High Income Earners:
