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N.J. Treasurer says low earners pay less than neighbors
New Jersey residents earning less than $150,000 pay lower income taxes than people in nearby states, including New York and Connecticut, while top earners pay a higher rate, Treasurer Andrew Sidamon-Eristoff said.
The state’s revenue is “volatile” because of its progressive income tax, which is more dependent on the highest earners, Sidamon-Eristoff said. That means New Jersey suffers more than other states during an economic slowdown and outperforms during a recovery, he said during a breakfast with business owners in Monroe. (Dopp, Bloomberg)
