New Jersey News Room: New Jersey’s Upside-Down Tax System: The Lower Your Income, The More You Pay
media mention“Low-income and middle-class New Jerseyans pay more of their incomes to state and local taxes than wealthy residents, according to a new study released by the Institute on Taxation and Economic Policy (ITEP) and New Jersey Policy Perspective (NJPP).
The study, Who Pays?, analyzes tax systems in all 50 states and factors in all major state and local taxes, including personal and corporate income taxes, property taxes, sales and other excise taxes. In New Jersey, while the wealthy pay more towards income taxes, that progressivity is offset by the fact that the poor and the middle class pay more towards sales and property taxes.”