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New Jersey Ranks Third Among Worst-Taxed States

New Jersey is the second-worst state in the country for taxes, according to a study by Forbes Magazine.
New Jersey is the second-worst state in the country for taxes, according to a study by Forbes Magazine. Photo Credit: Flickr user 401(K) 2013

NEW JERSEY — A Forbes Magazine analysis of state taxes has produced a result that will surprise no one: Taxpayers in New Jersey, New York and Connecticut are hit the hardest.

New Yorkers have it the worst, Forbes said.

1. New York

  • State and local tax burden: 12.60%
  • Effective state tax rate ($50,000 taxable income): 5.46%
  • Highest tax bracket: $1,115,850
  • Rate at highest tax bracket: 8.82%
  • Per Capita Income: $52,417

New Jersey was second -- at only 30 hundredths of a percent less than New York.

2. New Jersey

  • State and local tax burden: 12.30%
  • Effective state tax rate ($50,000 taxable income): 2.54%
  • Highest tax bracket: $500,000
  • Rate at highest tax bracket: 8.97%
  • Per Capita Income: $54,422
  • And Connecticut rounded out the NY Metro region at third:

3. Connecticut

  • State and local tax burden: 11.90%
  • Effective state tax rate ($50,000 taxable income): 4.60%
  • Highest tax bracket: $250,000
  • Rate at highest tax bracket: 6.70%
  • Per Capita Income: $60,287

California came in at No. 4.

Forbes based its analysis on an average taxable income of $50,000, and obtained 2015 tax data from the Tax Foundation, a nonpartisan think tank that tracks tax policy, based in Washington, D.C.

CLICK HERE to read the full study.

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