New York Is the Worst State For THIS
New York is great for a lot of things, but thing here is the worst compared to all other states.
And it won’t shock you what it is: TAXES!
Yes, the state of New York has the worst tax burden in the nation according to Forbes’ latest rankings. We rank 50th out of 50 states when it comes to how much we pay every year to the government.
So how did New York land at this ranking? On average 12.6% of our income goes to state and local taxes. Who lingers with us at the bottom of the barrel? New Jersey was #49 at 12.3% and at #48 it’s Connecticut with 11.9%.
So at this point of the year, I am sure you are getting your taxes together and feeling the sting of that high New York tax burden! And maybe you are thinking which states feel it the least? Wyoming finished #1 with only 6.9% of income going to state and local taxes. Alaska is #2 at 7% and South Dakota is #3 at 7.1%. (All states that are way out west!)
Let’s face it, we know it is expensive to live in the Northeast – and honestly we pay a lot for all the great things the area has to offer. And at least in New York we get our money’s worth in the education system – one of the best in the nation.
Still – it doesn’t make our tax pill any easier to swallow, right?