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