Wednesday, November 11, 2015

New Jersey's tax Burden

New Jersey Debt

new jersey debtThe state of New Jersey now has the highest debt burden per taxpayer in the U.S., according to Truth in Accounting research cited by a NJ 101.5 report. The data collected in the report showed that New Jersey also has the highest property taxes in the nation on average. All told, the report stated that New Jersey has $28.6 billion in assets, with more than $185 billion in liabilities. In turn, according to a report, the state expects to have its local property taxes increase to $540 million by the end of the year, which will break down to approximately $52,300 per taxpayer.
The New Jersey debt burden per individual increased from $36,000 in 2014. Bramnick stated that part of the reason for this increase was due to the staggering liability as a result of the state's unfunded public employee pensions. Bramnick commented that of the $186 billion the state owes, $140 billion is for retirement benefits plans.
Without sufficient assets to cover the mounting debt, New Jersey is facing stiffer tax burdens in the near future, particularly for the high net worth community.