New Jersey it’s all about Taxes and More Taxes

November 2,2016

the staff of the Ridgewood blog

Ridgewood NJ, As of Tuesday, New Jersey can no longer claim to have the second-lowest gasoline tax in the country.As the 23-cent-per-gallon increase hit pumps across the state, boosting the 14.5 cents the state charges per gallon to 37.5 cents giving New Jersey the seventh-highest in the U.S.

On top of that the real estate website Zillow looked at median property taxes across the U.S. last year and found that seven of the 10 counties with the highest property taxes ; Bergen, Essex, Passaic, Union, Morris, Hudson and Hunterdon are all in New Jersey. The remaining three were in New York State.

New Jersey has one of the most progressive income tax structures in the entire country. Income taxes start at 1.4 percent on earnings less than $20,000 and the top marginal tax rate hits 8.97 percent on income over $500,000.

Sales tax rate in New Jersey is 7 percent, which ties with Indiana, Mississippi, Rhode Island and Tennessee as the second highest in the USA.

Then there is corporate taxes according to the Tax Foundation, “New Jersey … is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst structured individual income taxes in the country,”

In state by state comparisons of state corporation income taxes collected per capita, New Jersey came in seventh highest at $265 per person.