In New Jersey the Rich Get Richer — And Then There’s the Rest of Us

In New Jersey the Rich Get Richer -- And Then There's the Rest of Us

For those who like the numbers game, the New Jersey Treasury Department's report on income statistics is an eye-opener. The income of the  richest 1% of New  Jersey residents grew at a rate more than double those who earned less than $87,009. And those who earned more than $556,033 accounted for 20% of all the income growth in the state between 2010 and 2011.

The following statistics, from a variety of sources including New Jersey Policy Perspective, Institute on Taxation and Economic Policy, Legal Service of NJ and Center on Budget and Policy Priorities, are also noteworthy .

  • While New Jersey's poverty rate reached a 52-year high under Gov. Chris Christie, the income for the top 1% increased by 9.4% while income for all other groups decreased by .9%.
  • All income gains went to the top 1% from 2009 to 2011, a time of "supposed economic recovery."
  • The top 1% of earners paid lower state and local taxes than any other bracket. A report published in November 2009 said the top 1% paid 7.4% of income in state and local taxes after federal deductions compared to 10.7% of income paid by the lowest 20% of earners. 
  • It should be no surprise that the lowest income brackets are disproportionately affected by sales and excise taxes, while the largest share of taxes for the 1% are from property and income taxes. 

The bottom line is that the rich have gotten richer under Gov. Chris Christie — and that, too, is no surprise. 

Beau Weisman, Editor