NEW JERSEY — Residents of New Jersey will pay the most in taxes over their lifetime than residents anywhere else in the United States, a recent study found.
Self Financial, a credit-building platform, calculated how much the average American will pay in personal income and other taxes throughout their lifetime.
The "A Life of Tax" study found that the average American will pay $524,625 in taxes, throughout their lifetime — just over one-third of their estimated lifetime earnings.
Taxpayers in New Jersey pay a total of $987,117 in taxes over their lifetime, which the study found to be the highest in the country.
That amount comes out to 54.3 percent of an estimated $1,818,191 in lifetime earnings, which is also a higher percentage of earnings than residents of any other state pay.
Here's the breakdown for New Jersey:
Self's "A Life of Tax" study included income tax, vehicle tax, property tax, and sales tax in all 50 states plus Washington, D.C.
"Whether we like it or not, taxes are an essential part of any functioning economy," the authors said. "Tax dollars pay for everything from roads and infrastructure to schools and Social Security."
Overall, the five places where residents had the highest lifetime tax bills were: