A recent study conducted by personal finance website WalletHub has found that New Jersey is the least dependent state on federal funding among all 50 states. The study revealed that New Jersey’s high tax revenues, primarily from property and state income taxes, make it less reliant on federal funds compared to other states. Analyst Chip Lupo explained that New Jersey’s small and densely populated nature contributes to its low federal funding dependency, unlike larger, sparsely populated states like Alaska which rely more on federal funding for infrastructure.
According to the study, for every dollar paid in taxes, New Jersey only receives 48 cents back in federal funding, ranking second to last among the states. In contrast, states like Kentucky receive $3.35 for every dollar spent, highlighting the varying levels of federal funding dependency across the country. This puts New Jersey in a better position to weather potential cuts in federal funding, giving it a financial edge over other states in the nation.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
