How does New Jersey make money?

The primary sources of revenue for the State of New jersey include:

Sales Tax: New Jersey imposes a sales tax of 6.625% on most goods and services. This tax is one of the highest in the country and generates a significant amount of revenue for the state.

Income Tax: New Jersey also imposes a graduated income tax on individuals and businesses. The tax rates range from 1.4% to 10.75% depending on the taxable income.

Property Tax: Property taxes are levied by local municipality in New Jersey and are a major source of revenue for funding local government services.

Corporate Tax: Corporations operating in New Jersey are subject to a corporate income tax. The tax rate is 9% on the net income of corporations.

Fees and licenses: The state also collects revenue through various fees and licenses, including driver's license fees, vehicle registration fees, and business licenses.

Federal Funding: New Jersey receives federal funding from the US government in the form of grants, reimbursements, and other programs. This funding accounts for a significant portion of the state's revenue.

In addition to these sources of revenue, the State of New Jersey may also issue bonds and borrow money to finance specific projects or infrastructure development.