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LOVE YOUR MONEY: New Jersey Residents Making $1.9 Million Annually Taxed at 9.8 %

The top 1 percent of earners in New Jersey are taxed at an effective rate of 9.8 percent, compared to the state’s 10.1 percent tax rate on the middle 20 percent of income earners, according to a new 24/7 Wall St. analysis.
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The study, which used data from a 2018 report by the Washington-based Institute on Taxation and Economic Policy (ITEP), did not include federal taxes paid. New Jersey ranked 46th on the study’s list of the most tax-friendly states for the rich.

On average, the top 1 percent of earners in the state take in $1.9 million annually, according to 24/7 Wall St.

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Nationwide, the top-earning 1 percent of families pay 7.4 percent of what they make toward state and local levies, the ITEP study concluded. The middle 20 percent of U.S. earners, in contrast, paid more – 9.9 percent.

States with no income tax – or a very low income tax – tended to be the most friendly to wealthy individuals, 24/7 Wall St. reported. That’s because those states tend to rely more on more regressive taxes, placing more of a burden on poorer households, the study found.

republished by Gloucestercitynews.net with permission of