Over the last couple of days, we found different articles published on the media that New Jersey residents will have paid taxes for almost a million dollars over their lifetime. This is more than any other States ( Massachusetts and Connecticut residents come close at $827,185 and $805,213 respectively). On average, the other residents pay slightly over half a million dollars ($525,037).
Based on the high level of taxation for NJ residents, NJ has approved the NJ BAIT pass through deduction for business owners and we expect there will be more programs in the near future to compensate for the high tax pressure.
Bloomberg article – https://www.bloomberg.com/news/articles/2021-05-17/new-jersey-residents-will-pay-the-most-in-taxes-over-a-lifetime
