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Tax Burden in New York: A Look at the Highest and Lowest Tax Burdens in the US

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Tax Burden,New York,Highest Tax Burdens

The cost of living in New York is notoriously high, and this burden is especially apparent in the Empire State on Tax Day. WalletHub compared the 50 states based on the cost of property taxes, individual income taxes, and sales and excise taxes as a share of total personal income to determine the residents with the biggest tax burdens. This article explores the states with the highest and lowest tax burdens, and which taxpayers pay the least and most.

The cost of living in New York is notoriously high, and this burden is especially apparent in the Empire State on Tax Day.Unlike tax rates, which vary widely based on an individual’s circumstances, a " tax burden " measures the proportion of total personal income that residents pay toward state and local taxes. It isn’t uniform across the U.S. either.; what you owe can vary significantly based on the state that you live in.

For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Meanwhile, Texas residents also don’t pay income tax, but they spend 1.63% of their income on real estate taxes – one of the highest rates in the country.WalletHub found that New York had the highest overall tax burden, while Alaska had the lowest. Meanwhile, Maine has the highest property tax burden, while Alabama has the lowest.

Tax Burden New York Highest Tax Burdens Lowest Tax Burdens Personal Income Tax Property Taxes Individual Income Taxes Sales And Excise Taxes

 

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