How much is your state charging for taxes?

Posted on Tuesday, May 27th, 2014 at 12:55pm.

If you hate paying taxes, pay attention to where you live. Residents of the nation's lowest-tax states pay less than one-quarter of the levies contributed by those in the highest-tax states. And that's even when they earn the same amount and spend the same amount on everything from housing to beer, according to a recent analysis by WalletHub.

Based on 10 different taxes, from property and state and local income taxes to those on vehicles, food, alcohol, fuel, telecommunications, and sales. Let's say you make $195,000 per year, own a $525,000 home, drive an $54,000 car and spend the national average on everything from groceries to your cell phone.

Based on those financials, if you lived in New York, the state with the highest average annual tax burden, you will pay nearly $30,000 per year in state and regional tax levies. That's almost 15 percent of your income!

In Florida, the state with the 4th lowest average annual tax burden in the country and one of only 7 states with no personal income tax, you would only pay about $10,000, just above 5 percent of your yearly income of $195,000.

How does your state rank?

 

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