New Jersey’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $17.9 billion higher than it would have had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $61.6 billion too much.
- The 2023 all funds budget is $31.8 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $107.6 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $68.52
- FY 2025 Only State Funds Budget Limit ($ Billions): $72.24
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 5.42%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $1,921
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $7,685
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $6,634
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $26,535
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $99.76
- FY 2025 All Funds Budget Limit ($ Billions): $105.17
- FY 2025 All Funds Budget Limit Growth ($ Billions): 5.42%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 3,424
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 13,697
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 11,577
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 46,310
Other Considerations
- Economic Freedom of North America (2021) (Rank): 38 [Fraser Institute]
- Economic Freedom (2022) (Rank): 46 [Cato Institute]
- Fiscal Policy (2022) (Rank): 34 [Cato Institute]
- Regulatory Policy (2022) (Rank): 50 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $4,714 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 10 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $9,648 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 13.20% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 45 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 10.75% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 47 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 50 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 9.00% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 47 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 6.60% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 21 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 2.23% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 1 [Tax Foundation]
- Economic Outlook (2024) (Rank): 46 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 34 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 1 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 15 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $13,098 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 28 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 8.2 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 6 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 9 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 29 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 64.90% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 14 [Bureau of Labor Statistics]