New Jersey residents will pay more taxes than any other state over the course of their lifetimes, according to a recent study.
The study from self.inc, a financial technology company, shows that New Jerseyans will more than $931,000 in taxes in their lifetimes.
More than half of that figure – approximately $508,000 – will come from tax on earnings, while the rest will come from a combination of taxes on personal expenses, property, and cars, according to the report.
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Followed closely behind New Jersey is Massachusetts, at $827,185, and Connecticut, at $805,213. By contrast, residents living in West Virginia, Alabama, and Arkansas will pay the lowest amount of taxes over their lifetimes, between $320,000 and $332,000.
The average American will pay roughly $525,000 in taxes throughout their lifetime, the statistics show. That equates to about a third of all lifetime earnings spend on taxes.
The study, first reported by Bloomberg, derived its information from the 2019 Consumer Expenditure Report from the Bureau of Labor Statistics.
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The analysis of income taxes used a work-life of 36 years based on data from the study “Total Worklife Expectancy” from the Journal of Forensic Economics. As dictated by the World Bank, individuals typically start paying taxes around the age of 18, and the average life expectancy is 79.
View more information: https://www.foxbusiness.com/economy/new-jersey-residents-pay-highest-tax-burden-lifetime