Does New York Have the Highest Tax Burden?
Many states tax their residents aggressively, including New York. Where does New York rank for highest tax burden?
The report compared the 50 states based on three components of tax burden; property taxes, individual income taxes and sales and excise taxes, as a share of total personal income.
So, where does New York rank when it comes to tax burden on its residents? Yup, you guess it, right at the top of the list. Here's the breakdown:
Tax Burden in New York
- 1st - Overall Tax Burden (12.94%)
- 7th - Property Tax Burden (4.55%)
- 1st - Individual Income Tax Burden (4.76%)
- 21st - Total Sales and Excise Tax Burden (3.63%)
While New York topped the list, completing the Top 5 were: Hawaii (11.27%), Vermont (10.75%), Maine (10.73%), and Minnesota (10.24%).
According to the report from Wallethub, the state which has the lowest tax burden on it's residents is Delaware, with a total tax burden of 5.59% on their residents.