Guess Which State Has the Highest Tax Burden?
With the deadline for filing your income taxes just a week away you might be interested to know that no other state has a higher tax burden than New York State. No state in the country taxes their residents more aggressively than New York does. We're Number One. Congratulations.
According to WalletHub, a personal finance website providing free credit reports, credit scores, monitoring and analysis, New York was easily the most heavily-taxed state. WalletHub made a comparison among all the 50 states on how much of a chunk of our personal income that states take away. They measured state property taxes, individual income taxes, and sales and excise taxes.
When comparing those three categories New York's total tax burden was 12.94%, the highest of any state. The next closest was Hawaii at 11.27%. The average tax burden among all the 50 states was 8.51%. The Top 5 Most heavily tax-burdened states were:
- New York
New York was 7th in property tax burden and 21st in total sales and excise tax burden.
The state with the least total tax burden was Delaware.
Here is the complete WalletHub report: