In news that should surprise no one, a new report has found that New Jersey carries the highest tax burden in the nation.
The website Truth in Accounting found that New Jersey has $52,300 per taxpayer in tax debt due to a $160 billion budget shortfall. The website, which did not include property taxes in its formula, simply divided each state’s total debt by the number of taxpayers in the state.
Connecticut came in second but its tax debt was still nearly $4,000 per taxpayer less than the Garden State.
Truth in Accounting indicates that the New Jersey tax burden increased almost $20,000 per taxpayer since 2014, primarily due to the unfunded liability for public employee pensions. The state owes $186 billion in retirement benefits.
Secaucus’ assemblyman Vincent Prieto told NJ 101.5 that the state has a “revenue problem” while his Republican counterpart Jon Bramnick (Westfield) blames the Democratic Party for raising taxes 115 times in 13 years.