Tags: New York | highest taxes | Connecticut | Maryland | New Jersey

Rich New Yorkers Have Highest Tax Burden in US

By    |   Tuesday, 24 Mar 2015 11:08 AM

Wealthy New Yorkers pay more in taxes than anyplace else in the nation, according to a new survey.

A ranking of the 50 states and Washington, D.C. by WalletHub found that New York residents pay the most in a combination of state income, sales, and property taxes as a percentage of their income, the New York Post reported.

Specifically, residents making $150,000 or more annually carried a tax burden of 12.4 percent. Connecticut was next in line at 11.2 percent, followed by Maryland at 10.4 percent, and New Jersey at 10.3 percent.

Middle class New Yorkers are also getting hit hard. Residents earning an average of $50,000 paid 12.4 percent of their income in taxes, also the highest in the nation, the Post said.

The poor in New York, however, are in a relatively better position than those in other states.  Residents earning an average of $25,000 pay roughly 11 percent in taxes; just eight states have a higher tax burden for those of low income.

At the same time, many taxes, including payroll, sales, and state and local taxes are regressive, hitting low and middle income earners harder than the wealthy.

"Sales taxes tend to be regressive, imposing a greater burden on those with lower incomes than on those with higher incomes," Anthony Infanti, a law professor at the University of Pittsburgh School of Law and consultant on the study, told the Post.

By contrast, Alaska has the lowest tax burden for the wealthy at 3.4 percent. And Wyoming, Nevada, and Tennessee also have low tax rates of under 5 percent.

Delaware, Montana, and Nevada are best for low income taxpayers, the survey found at 5.4 percent, 6.1 percent, and 7 percent, respectively.

New Jersey fared worst for all income groups, according to the Post.

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Wealthy New Yorkers pay more in taxes than anyplace else in the nation, according to a new survey.
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2015-08-24
Tuesday, 24 Mar 2015 11:08 AM
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