New York Is No #1 Again – Highest Taxed State

Share with:

FacebookTwitterGoogleTumblrLinkedInRedditPinterestEmail this pagePrint this page


It costs a lot to be a nanny state

andrew-cuomo-ff8e1aeda9e1a5de

The personal-finance website WalletHub released its 2017 Tax Burden by State report.

New Yorkers will be happy to know they pay their fair share – and some of everyone else’s share too.

WalletHub’s analysts compared 50 states based on three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.
New York – with its Democrat rule – beat out the competition and is proud to announce it forces its residents to pay the most of any residents in any state.
States with Highest Tax Burdens (%) States with Lowest Tax Burdens (%)
1 New York (12.94%) 41 Montana (7.51%)
2 Hawaii (11.27%) 42 Wyoming (7.29%)
3 Vermont (10.75%) 43 Alabama (7.19%)
4 Maine (10.73%) 44 South Dakota (7.12%)
5 Minnesota (10.24%) 45 Florida (6.79%)
6 Connecticut (10.23%) 46 New Hampshire (6.70%)
7 New Jersey (10.14%) 47 Oklahoma (6.61%)
8 Rhode Island (10.09%) 48 Tennessee (6.45%)
9 Illinois (10.00%) 49 Alaska (6.27%)
10 California (9.52%) 50 Delaware (5.59%)

downloadKey Stats

  • Red states have a lower overall tax burden, with an average rank of 30.27, than Blue states, which have an average rank of 18.30 (lower rank = higher tax burden).
  • New Hampshire has the highest property tax as a share of personal income, 5.33 percent, which is 3.9 times higher than in Oklahoma, the state with the lowest at 1.38 percent.
  • New York has the highest individual income taxes as a share of personal income, 4.76 percent, whereas Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not levy such a tax on their residents.
  • Hawaii has the highest total sales and excise tax as a share of personal income, 6.52 percent, which is 5.7 times higher than in Oregon, the state with the lowest at 1.14 percent.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/ states-with-highest-lowest- tax-burden/20494/

Please let me know if you have any questions or if you would like to schedule a phone, Skype or in-studio interview with one of our experts.

Share with:

FacebookTwitterGoogleTumblrLinkedInRedditPinterestEmail this pagePrint this page


Be the first to comment

Leave a Reply

Your email address will not be published.


*