NEW YORK, NY - With a week remaining until Tax Day and many Americans finding the current tax code too confusing to determine exactly how much their home states are actually taking from their income in taxes, the personal finance website WalletHub conducted an in-depth analysis of 2016's States with the Highest & Lowest Tax Burdens.
In order to determine which states tax their residents most aggressively, WalletHub’s analysts compared the tax burdens of the 50 states by measuring property taxes, individual income taxes, and state and gross receipts taxes — the three components of state tax burden — as percentages of the total personal income in each state.
Tax Burden in New Jersey (1=Highest, 25=Avg.):
- 7th – Overall Tax Burden (10.38%)
- 1st – Property Tax Burden (5.41%)
- 22nd – Individual Income Tax Burden (2.46%)
- 43rd – Total Sales & Gross Receipts Tax Burden (2.51%)
For the full report, please visit: