Visualizing The Tax Burden Of Every US State

Visualizing The Tax Burden Of Every US State

This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

Data and Methodology

The figures we used to create this graphic are listed in the table below.

State Total Tax Burden
New York 12.0%
Hawaii 11.8%
Vermont 11.1%
Maine 10.7%
California 10.4%
Connecticut 10.1%
Minnesota 10.0%
Illinois 9.7%
New Jersey 9.5%
Rhode Island 9.4%
Utah 9.4%
Kansas 9.3%
Maryland 9.3%
Iowa 9.2%
Nebraska 9.2%
Ohio 8.9%
Indiana 8.9%
Arkansas 8.8%
Mississippi 8.8%
Massachusetts 8.6%
Virginia 8.5%
West Virginia 8.5%
Oregon 8.4%
Colorado 8.4%
Pennsylvania 8.4%
Wisconsin 8.3%
Louisiana 8.3%
Kentucky 8.3%
Washington 8.0%
New Mexico 8.0%
Michigan 8.0%
North Carolina 7.9%
Idaho 7.9%
Arizona 7.8%
Missouri 7.8%
Georgia 7.7%
Texas 7.6%
Alabama 7.5%
Montana 7.5%
South Carolina 7.5%
Nevada 7.4%
Oklahoma 7.0%
North Dakota 6.8%
South Dakota 6.4%
Delaware 6.4%
Tennessee 6.1%
Florida 6.1%
Wyoming 5.7%
New Hampshire 5.6%
Alaska 4.9%

From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.

Hate Paying Taxes?

In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: FloridaNevadaSouth DakotaTennesseeTexasWashington, and Wyoming.

It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.

If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.

Tyler Durden
Thu, 05/09/2024 – 23:20

via ZeroHedge News https://ift.tt/BqXhF86 Tyler Durden

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