2 ms·
If NJ is in such deep waters. Which it seems like it is. What is up with the stats and data of which states give more to the fed than what they get back and Vic
by skinnymuch 5y ago
If NJ is in such deep waters. Which it seems like it is. What is up with the stats and data of which states give more to the fed than what they get back and Vice versa. Why is NJ always giving more? If they have so much debt?
- rsj_hn 5y ago> Why is NJ always giving more? If they have so much debt? Because we have progressive taxation and a lot of rich people live in New Jersey, so they pay more in taxes. A state doesn't need to be in financial trouble because it is poor, it is in financial trouble if it makes more promises than it can afford to pay given its tax base. The constant raiding of employee pension funds and various financial ponzi schemes is why NJ is in trouble. Median household income in 2019 NJ[1] = 85K US[2] = 69K [1] https://www.census.gov/quickfacts/fact/table/NJ/SBO001212 https://www.census.gov/quickfacts/fact/table/NJ/SBO001212 [2] https://www.census.gov/library/publications/2020/demo/p60-270.html https://www.census.gov/library/publications/2020/demo/p60-27...
- skinnymuch 5y agoI don’t understand why NJ gives more than it gets back though. Is it only based around the state’s average income?