Tax Freedom Day has arrived in New Jersey but there is little reason for taxpayers to rejoice according to Americans for Prosperity, the state’s leading grassroots, free-market group.
Tax Freedom Day, which represents the day taxpayers have “earned enough money to pay [their] total tax bill for the year”, including “all federal, state, and local taxes,” is a way of giving taxpayers a sense of the overwhelming cost of government according to the non-partisan Tax Foundation.
“Tax Freedom Day has arrived in New Jersey, but there is little cause for celebration for New Jerseyans taxpayers—not when our residents have to work 133 days into the year just to pay their entire tax bill, including income, sales and property taxes,” stated Erica Klemens, state director of Americans for Prosperity’s New Jersey chapter.
While having occurred on April 24 nationally, Tax Freedom Day in the Garden State comes on May 13, 19 days later, illustrating the additional burden shouldered by New Jersey taxpayers. Klemens said the high taxes are hurting everyday New Jerseyans and the state and national economy.
“High taxes across the board put a great burden on working families living pay check to pay check and trying to food on the table. With average property taxes of $8,161, many New Jerseyans are priced out of the American Dream of home ownership.”
“The average middle-class American or New Jerseyan just wants to make ends meet, make a better life for their loved ones, and to see our economy thriving and creating jobs. Yet as the Tax Foundation points out, American taxpayers are ‘spend[ing] more on taxes in 2015 than they will on food, clothing, and housing combined’. Such a high tax burden makes it harder for all of us to prosper.”
“Sadly, our job market today reflects this. Millions of Americans have given up on finding a job altogether and our labor force participation rate is at levels not seen since the Carter years. Millions more are underemployed or having to work two part-time jobs just to put food on the table,” said Klemens.
“In New Jersey our residents see a 6.4% unemployment, a failure to recover all of the jobs and businesses lost after the Great Recession, and far too many of their friends, neighbors and family members leaving New Jersey to start a new life in more welcoming states.”
“The day when working families in New Jersey are provided substantial relief from the nation’s highest taxes and our economy begins to flourish again is the day they will be able to celebrate.”
“Tax Freedom Day 2015, alas, is not.”