-11%

April 4, 2017 | Number of The Day
Decline in NJ’s tax revenues since recession

New Jersey’s tax revenues have declined continually since the beginning of the Great Recession, according to a study by the Pew Charitable Trusts, which tracked how each state has fared since 2006.

Unlike most states that have fully recovered their state revenues since the recession, New Jersey’s $7.8 billion in quarterly revenue last summer was down 11 percent from its high of $8.7 billion in 2007. New York’s revenue was up almost 13 percent during the same period, at $20.4 billion.

Gordon MacInnes, president of New Jersey Policy Perspective, tweeted that the only two states that have not recovered in terms of taxes since 2009 are New Jersey and Maine.