New York State Has Highest Tax Burden In US
As you get ready to get those last minute tax returns in, you are not the only one feeling the tax bill sting.
In the state of New York, we are all feeling it! And this ranking has nothing to do with varying tax rates from state to state;. it is simply a calculation of the percentage of our income we pay to the tax man. According to Wallethub, New York residents have the highest tax burden of any state. Almost 13% of our income goes to taxes. We have the highest income tax burden, and our property tax burden is the 7th highest in the nation. The one area we are not overburdened is sales an excise tax, where we are middle of the pack. Hawaii, Vermont, Maine and Minnesota round out the top 5.
I also lived in Maine before New York, so I have now lived in 2 of the top 5 states for tax burden. I guess living in Maine got me ready for New York taxes – though I am not sure that is a good thing! I did balance this out by living in New Hampshire for a few years, which has the 5th LOWEST tax burden in the nation.
So as you get those last minute returns in tonight and you are shocked by how much money you paid in taxes in 2016, at least you have a lot of people around you who know exactly how you feel.