NJ Dead Last for Tax Freedom Day [AUDIO]
“Tax Freedom Day,” the day on which New Jerseyans collectively earn enough to get out from under their tax burden, arrives this year on May 9. The Garden State is last in the nation for that.
Economist Lyman Stone of the Tax Foundation, a national scorekeeper, said New Jersey is a high tax state. He also said states such as New Jersey, New York and Connecticut suffer a later Tax Freedom Day because of the high number of high earners who live in those states.
“Aside from high earners, they happen to have a lot of capital and investment income concentrated in those states,” Stone said.
This year’s National Tax Freedom Day, April 2, was three days later than last year’s. The Tax Foundation reports Americans will average 42 days this year working to pay off income taxes, 15 days for excise taxes and 11 days for property taxes.
The foundation also said Americans will spend more of their money on taxes than they will on food, clothing and housing combined.
In the past, the National Tax Freedom day has fluctuated. The latest the national day has ever been was May 1, 2000.
By the way, you may be wondering: Which states pay off their collective tax burdens earliest?
Louisiana comes in at number one, with March 30 as their Tax Freedom Day, followed by Mississippi on April 2 and South Dakota on April 4.