Have you ever wondered what states are the most and least tax friendly? Head to the Big Apple, New York if you’re looking for the highest taxes. For those looking for a state that’s a little easier on the pocketbook, head to Alaska for the lowest taxes. We have the top five best and worst states to live in for taxpayers.
States With The Highest Rates
- New York (12.47%)
- Hawaii (12.31%)
- Maine (11.14%)
- Vermont (10.28%)
- Connecticut (9.83%)
States With The Lowest Rates
- Alaska (5.06%)
- Delaware (6.12%)
- New Hampshire (6.14%)
- Tennessee (6.22%)
- Florida (6.33%)
Data pulled from WalletHub, shows that Americans on average pay around $11,000 in federal taxes each year. However, according to reports this number can largely fluctuate both higher and lower based on what state someone resides in. The rates were calculated by adding up three types of tax types: property taxes, individual income taxes, and sales and excise taxes. They came upon these using the three types of taxes for each state by finding the median U.S. household income, home and car values, and household spending data.
If you have more questions regarding your states taxes, contact Paragon today!
