New Jersey Rated One of the Most Fiscally Unsound States in America

Despite the pride that New Jersey residents have in their home state, the reality is that The Garden State has a complicated reputation.

While New Jersey has amazing beaches, farm fresh fruits and vegetables, along with great craft breweries and wineries, this is an expensive state to live in. New Jersey is home to the third-most Household Expenses in the United States.

According to research by the non-profit organization Truth In Accounting, New Jersey has been one of the worst fiscal states in America over the last 10 years.

Why Is New Jersey One of the Most Fiscally Unsound States

Over the last ten years, New Jersey has consistently had one of the largest Tax Burdens per Taxpayer in the United States. That number has fluctuated between $53,000 and $65,000 per Resident from 2018 to 2023.

According to Pew Trusts Research, New Jersey is the state with the fifth-highest Percentage of State Revenue from Taxes. This means the state needs to tap into the residents more than most states in America and part of the reason why Taes are so high in The Garden State.

Based on the research by Truth In Accounting, the state of New Jersey needs $179.2 Billion to pay government bills, retirement pensions, employee salaries, and miscellaneous financial responsibilities.

To be clear, the reason why New Jersey is Fiscally Unsound is not a partisan issue. The poor grades for New Jersey's handling of its financial responsibilities over the last ten years involve both Republican and Democratic Governors.

Here are the Top Ten States with the largest percentage of Revenue from Taxes:

1. California - 60.5%
2. Connecticut - 58.4%
3. Minnesota - 57.6%
4. Nevada - 55.2%
5. New Jersey - 54.8%
6. Massachusetts - 53.7%
7. Illinois - 53.4%
8. Hawaii - 52.7%
9. Georgia - 52.3%
10. Idaho - 51.5%

Along with New Jersey, six of the states listed above are also in the Top Ten Highest Tax Burdens in the United States (Illinois, Massachusetts, Hawaii, Connecticut, and California).

If you are living in New Jersey and have a family, you want to make sure your tax dollars are being used for good in the community.  Here are the Best Public Schools in the state of New Jersey: