New Jersey Taxpayers ‘On the Hook’ for Massive Debt: Report

New Jersey Taxpayers ‘On the Hook’ for Massive Debt: Report
New Jersey Gov. Phil Murphy greets supporters during an election night party in Asbury Park, N.J., on Nov. 3, 2021. Eduardo Munoz Alvarez/AP Photo
Gregory Bresiger
Updated:

New Jersey has amassed a huge, and possibly dangerous, level of debt, according to a new report that reviews the financial health of state governments across the country.

Each Garden State taxpayer owes tens of thousands of dollars and the state is a tax “sinkhole,” according to the nonprofit organization Truth in Accounting (TIA), because state lawmakers of both parties have overspent and used accounting “gimmicks” for decades. The organization defines “sinkholes” as states that lack the necessary funds to pay their bills.

Gregory Bresiger
Gregory Bresiger
Freelance Reporter
Gregory Bresiger writes about business and personal finance. He is a former New York Post business reporter.
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