Welcome to NJ - The most expensive place to live and die
Category: Tax Law and Planning
From Tax Girl: New Jersey is #1!: "According to the Tax Foundation, New Jersey residents paid the highest percentage of state and local taxes. Folks from New Jersey paid a whopping 11.8% of income in state and local taxes, more than 2% above the national average. New York residents just eked out a second place finish, paying 11.7%."
But wait, there is more - New Jersey is also the most expensive state to die in, as there are state level estate taxes on estate's over $675,000, the lowest estate tax threshold in the country. With all these taxes, isn't it amazing our state in broke?