I have the unfortunate opportunity to live in New Jersey. Don’t get me wrong, there are some great things about living in New Jersey, but taxes ain’t one of them. Let’s take a look at what we New Jerseyans pay:

State Sales Tax - recently raised to 7% it is one of the highest in the nation. National median is 5%
State Gas Tax - we do get a break here, our gas tax is 14.5% which is the 4th lowest nationally.
State Cigarette Tax - If you live in NJ, give up smoking! The rate is $2.575 per pack of 20 - highest in the nation.
State Property Tax - New Jersey wins again! The Property Tax is the highest per capita in the nation and are collected locally and by the state. $2,099 per capita.
State Income Tax - not the highest in the nation, but at 8.97% for the top bracket, New Jersey ranks 6th.
State Corporate Tax - New Jersey ranks 5th highest nationally.
Federal Tax Burdens - And of course, New Jersey receives less federal funding per dollar than any other state.

This entry was posted on Monday, November 5th, 2007 at 7:22 am.
Categories: Taxes.

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