What Is the Real Value of $100 in Metropolitan Areas?
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
New Jersey Tax Rates, Collections, and Burdens
How does New Jersey’s tax code compare? New Jersey has a graduated individual income tax, with rates ranging from 1.40 percent to 10.75 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a 6.5 percent to 11.5 percent corporate income tax rate. New Jersey has a 6.625 percent state sales tax rate, a max local sales tax rate of 3.313 percent, and an average combined state and local sales tax rate of 6.60 percent. New Jersey’s tax system ranks 50th overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New Jersey is no exception. The first step towards understanding New Jersey’s tax code is knowing the basics. How does New Jersey collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
Tax Data by State
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