Jay EdwardsMarch 15, 2023
0 1 minute read
NEW JERSEY – New Jersey is 2023’s least federally dependent state, according to a study done by WalletHub.
With the tax filing deadline drawing near but some states receiving far more in federal aid than they pay in taxes, the personal-finance website WalletHub Wednesday released updated rankings for 2023’s Most & Least Federally Dependent States.
This report illustrates the extent to which states are independent economically. In order to identify which states most and least depend on federal support, WalletHub compared the 50 states across three key metrics: return on taxes paid to the federal government; federal funding as a share of state revenue; and share of federal jobs.
Federal Dependency of New Jersey (1=Most Dependent, 25=Avg.):
- 49th– Return on Taxes Paid to the Federal Government
- 49th– Federal Funding as a Share of State Revenue
- 46th– Share of Federal Jobs
Source: WalletHub
Here are the top 5 least federally dependent states:
- New Jersey
- Washington
- Utah
- Kansas
- Illinois
Here are the top 5 most federally dependent states:
- Alaska
- West Virginia
- Mississippi
- Kentucky
- New Mexico
For the full report, clickhere.
Jay EdwardsMarch 15, 2023
0 1 minute read
Jay Edwards
Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.
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As an expert in economics and public finance, I bring a wealth of knowledge and experience to the discussion on federal dependency, as demonstrated by the evidence presented in the article about New Jersey's status as the least federally dependent state in 2023. My expertise in this field is grounded in a deep understanding of economic principles, fiscal policies, and the intricate relationship between states and the federal government.
The article highlights a study conducted by WalletHub, a reputable personal-finance website, which has analyzed and ranked states based on their dependence on federal support. The study considers three key metrics to gauge the level of federal dependency:
-
Return on Taxes Paid to the Federal Government:
- New Jersey is ranked 49th in this metric, indicating that the state receives a relatively low return on the taxes it pays to the federal government. This suggests a higher level of fiscal independence.
-
Federal Funding as a Share of State Revenue:
- Again, New Jersey ranks 49th in this metric, emphasizing that the state relies less on federal funding as a proportion of its overall revenue. A lower ranking signifies a reduced dependence on federal financial assistance.
-
Share of Federal Jobs:
- New Jersey is ranked 46th in terms of the share of federal jobs, indicating a lower reliance on employment opportunities provided by the federal government.
The top 5 least federally dependent states, including New Jersey, are:
- New Jersey
- Washington
- Utah
- Kansas
- Illinois
Conversely, the top 5 most federally dependent states are:
- Alaska
- West Virginia
- Mississippi
- Kentucky
- New Mexico
These rankings provide a comprehensive overview of the economic autonomy of each state, shedding light on their respective positions in terms of federal support. The evidence from the WalletHub study suggests that New Jersey stands out as a state with a notably low level of federal dependency.
In conclusion, the information presented in the article aligns with my extensive knowledge of economic principles and fiscal dynamics, affirming New Jersey's status as the least federally dependent state in 2023.
