Personal Taxes

Private revenue is on the rise in NJ, however there is a catch


Personal income in the Garden State rose on the back of a rebounding economy in 2021, but the rate of growth slowed as the impact of federal stimulus gradually subsided throughout the year.

New Jersey residents saw their incomes rise an average of 2% statewide when compared with 2020, outpacing neighboring New York and Pennsylvania but more than one point below the national average, according to a Pew analysis of federal data.

“Total personal income rose across states in 2021 as the economy largely followed an upward trajectory after severe losses early in the pandemic,” Pew said in its latest report released Friday. “Nationally, the sum of personal income from all sources was up 3.1% from 2020, after accounting for inflation.”

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