the staff of the Ridgewood blog
Trenton NJ, as April 15th , Tax Day approaches, let’s delve into some eye-opening statistics about state taxes and migration patterns. According to Self Financial, New Jersey residents bear the weight of the highest lifetime tax burden, averaging just shy of $1 million ($987,117).
But here’s where it gets interesting: United Van Lines reports that New Jersey also leads the pack in outbound migration, losing the most residents to other states in 2023. Coincidence? Perhaps not.
In fact, data from United Van Lines reveals a striking trend. Five other high-tax states—California, Illinois, Kansas, Massachusetts, and New York—join New Jersey in the top eight for outbound migration last year. Where are these individuals relocating? Mostly to low-tax states such as Alabama, Arkansas, New Mexico, North and South Carolina, South Dakota, and West Virginia—the latter being the lowest-taxed state.
The correlation between high taxes and outbound migration is hard to ignore. The Self Financial study underscores this point further by tallying taxes on various aspects of life, including income, property, vehicles, consumer goods, and leisure activities. The findings reveal that the average American will shell out a hefty $524,625 in lifetime taxes, representing over one-third of average earnings.
Following New Jersey, Washington D.C. emerges as the second most heavily taxed jurisdiction, with a lifetime tax burden averaging $884,820. Connecticut and Massachusetts trail closely behind, with lifetime tax payments of $855,307 and $816,700, respectively.
These figures shed light on the financial landscape faced by residents across the country and underscore the significant impact of taxation policies on individual migration decisions.
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