New Jersey losing taxpayers at one of the highest rates new data shows

In the United States, the Cost of Living has increased by approximately 25 percent since 2020, leaving more Americans struggling financially than they were before the COVID-19 Pandemic. This is because wage growth has not kept pace with rising inflation for most US Taxpayers.

States like New Jersey, with the third-highest household expenses in the United States, residents have taken some of the biggest hits.

With NJ Electricity bills increasing by a total of 55 percent over the last five years, and New Jersey ranking as the fifth-highest tax burden per capita in the United States, this has forced many residents to make difficult decisions.

Latest Research shows how real the New Jersey exodus is

The nonprofit organization, The Tax Foundation, has gathered the latest data from the IRS on Taxpayer Interstate Migration. Their research found that seven states since 2022 have seen the biggest losses of income tax filers.

New Jersey was found to have the fourth-largest interstate migration loss of taxpayers, an estimated 19,370 having left The Garden State. According to The Tax Foundation, that has resulted in -2.56 Billion Dollars in income tax revenue for New Jersey.

The only other northeastern state with a larger loss of income taxpayers is New York (-71,987), with California named the "biggest loser" (-100,397). Digging deeper into the data, seven New Jersey counties have lost tens of millions in taxable revenue, with Atlantic County as the only one located in South Jersey:

*Atlantic County: -$12.16 Million
*Union County: -$63.85 Million
*Passaic County; -$221.64 Million
*Mercer County: -$250.2 Million
*Essex County: -$252 Million
*Middlesex County: -$521 million
*Hudson County: -$829.57 million

These Are The States With The Largest Losses of Taxpayers due to Interstate Migration:

1. California (-100,397)
2. New York (-71,987)
3. Illinois (-28,609)
4. New Jersey (-19,370)
5. Massachusetts (-15,378)
6. Maryland (-13,628)
7. Pennsylvania (-12,095)
8. Louisiana (-10,129)
9. Michigan (-8,770)
10. Connecticut (-5,674)