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Best And Worst States For Taxes

Goldhedge

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#1
Best And Worst States For Taxes
Erin Carlyle

IntroductionUsing data from the Tax Foundation, Forbes ranked the total tax burden in each state. The ranking includes income, property, and sales tax, as well as special taxes like real estate transfer taxes, personal property taxes on some vehicles, and special tax district fees. The state with the highest burden, New York (No. 50), ranks dead last, while Wyoming, (No. 1) nabs the top slot. See where your state stacks up.


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No. 50: New York
  • State and local tax burden: 12.60%
  • Effective state tax rate ($50,000 taxable income): 5.46%
  • Highest tax bracket: $1,115,850
  • Rate at highest tax bracket: 8.82%
  • Per Capita Income: $52,417

[I didn't bother looking at them all...]

No. 1: Wyoming
  • State and local tax burden: 6.90%
  • Effective state tax rate ($50,000 taxable income): 0.00%
  • Highest tax bracket: None
  • Rate at highest tax bracket: 0.00%
  • Per Capita Income: $50,805
 

gringott

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#2
Like most of these things, they don't include everything, like sales tax, exemptions that many can get, etc.
For example, my HOR in Kentucky is listed as:
No. 28: Kentucky

  • State and local tax burden: 9.50%
  • Effective state tax rate ($50,000 taxable income): 5.43%
  • Highest tax bracket: $75,000
  • Rate at highest tax bracket: 6.00%
  • Per Capita Income: $33,435
Sounds bad. However, my taxes are nothing like that. For example a modest pension IS NOT TAXED.
For example, there is a homestead deduction lowering the taxable amount on your home if you are 65 or more.
Sales tax is resonable compared to many states higher on the list.
Numbers are also skewed by urban areas, which have much higher taxes in general.

This list reminds me of the "best places to retire" lists, each one put out by an organization with a axe to grind. I always look at those to see what they include in the definition of "best" and what they leave out. Haven't found a good one in years of looking.
 

oldgaranddad

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I've been trying to escape NY for years. I'm stuck here because of family. I am now at the point of saying F! it to both the state and the family and anyone else in my way.

The latest stupidity from Albany is the proposal that the income tax be replaced with a payroll tax and people's wages be reduced by an undetermined amount to make it a wash -- problem is the dolts in Albany have no clue how to do it. I can't believe these idiots actually think people will take a wage cut so they can create a new tax! These are the same idiots who rammed the $15 livable minimum wage down people's throats.
 

nickndfl

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#5
I've been trying to escape NY for years. I'm stuck here because of family. I am now at the point of saying F! it to both the state and the family and anyone else in my way.

The latest stupidity from Albany is the proposal that the income tax be replaced with a payroll tax and people's wages be reduced by an undetermined amount to make it a wash -- problem is the dolts in Albany have no clue how to do it. I can't believe these idiots actually think people will take a wage cut so they can create a new tax! These are the same idiots who rammed the $15 livable minimum wage down people's throats.
My suggestion to you is to buy a place down in Florida where there are no state taxes and make it your permanent address. You can visit the family up north from June-Nov and then come back down here and go fishing. I can recommend some nice places too.
 

edsl48

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#6
I live in Illinois and will dispute anyone that says any other State has higher taxes
Illinois loves playing smoke and mirrors that the general brain dead types suck right up
A good example is when they compare motor fuel taxes. What they don't say is Illinois also charges sales tax on fuel that amounts to a tax on a tax.
Illinois takes the cake in my book and I will debate it with anyone
 

oldgaranddad

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My suggestion to you is to buy a place down in Florida where there are no state taxes and make it your permanent address. You can visit the family up north from June-Nov and then come back down here and go fishing. I can recommend some nice places too.
Stop reading my mind! I have family in Fort Liquor-dale though I prefer something on the West coast a little more North. The oldest one is graduating college this Spring and the youngest will be done in May 2020. Both, if I can help it, will be out of college debt free. This September I'll have the house paid off, if not before. My hand is on the rip cord ready to pull.
 

gringott

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#8
I live in Illinois and will dispute anyone that says any other State has higher taxes
Illinois loves playing smoke and mirrors that the general brain dead types suck right up
A good example is when they compare motor fuel taxes. What they don't say is Illinois also charges sales tax on fuel that amounts to a tax on a tax.
Illinois takes the cake in my book and I will debate it with anyone
I'm with you. I swear the gov was going through my pant's pockets when I was sleeping and stealing my spare change when I lived there.
 

Oldmansmith

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#9
Taxachusetts came in at #40. May be bad, but we did better than every bordering state except New Hampshire.
 

edsl48

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#10
The Land of Lincoln is also the land of “sin” taxes, “saint” subsidies and other nanny-like policies, according to a new study.
Illinois lawmakers have a proclivity for paternalism, according to a new study from the Mercatus Center. The study, which uses a “freedom from paternalism” index, found Illinois to be one of the most paternalistic states, ranking it the seventh-most paternalistic in the country.

This is a much worse showing than that of each of Illinois’ neighbors – the closest contenders being Iowa and Michigan, the 15th– and 16th-most paternalistic, respectively, according to the study.

Paternalistic policies, defined by the study, do three things: First, they “restrict the availability of certain goods deemed harmful.” Second, they “increase the prices of undesirable behaviors or lower the prices of desirable ones.” And finally, they “mandate individuals do certain things.”

These characteristics might ring a bell for Illinoisans, who are some of the most overtaxed residents in the country. General sales taxes and targeted excise taxescontribute to this burden.

The study organized paternalistic policies across three different categories, and scored each state based on specific variables in each one. The three categories were:

  • Selective, or “sin,” taxes
  • “Saint” subsidies
  • Bans and regulations
The study pegs Illinois at the lower rungs of each category, meaning it tends more toward paternalism than other states. But it’s in the realm of sin taxes where Illinois especially stands out. Only eight states scored lower than Illinois in the sin tax area. Moreover, the Prairie State scored second-worst among neighboring states, outdone only by Kentucky.

In the sin tax category, Illinois was especially hurt by an overreliance on revenue from selective sales taxes on soda, cigarettes, beer, wine and spirits – all of the study’s variables.

Nearly 45 percent of the state’s “total sales and gross receipts tax revenue” was derived from selective excise taxes, based on 2013 data, the study found.
While the Mercatus study only takes into account state-level taxes, Illinois’ local excise taxes also contribute to the overall “sin tax” burden shouldered by taxpayers. Take Cook County’s now-repealed soda tax, for example. The subject of much fanfare, the defeat of Cook County’s “soda tax” in 2017 was a victory for taxpayers. But across the state, many other local taxes are also levied on consumption sometimes perceived to be imprudent or immoral.

The state of Illinois’ finances surely show that squeezing a fleeing tax base in lieu of controlling spending is a more reckless choice than reaching for 12 ounces of cola.

Unfortunately, sin taxes are just part of the price Illinoisans pay for the state’s paternalistic governing hand. Under the rubric of protecting consumers and preserving quality, lawmakers stifle would-be workers with costly occupational licensing regulations.

This was brought to light by a 2017 study from the Institute for Justice, or IJ. The study identified a number of occupations subject to paternalistic licensing laws, which inhibit Illinoisans in search of gainful employment. And like excise taxes, the burden of occupational licensing laws is largely regressive, meaning the lower a person falls on the income scale, the greater the pain felt.

In keeping with most paternalistic policies, the range and severity of such regulations are seemingly arbitrary. For example, the IJ study found Illinois demands that aspiring sign language interpreters pay a $900 fee, undergo four years of education, and pass two exams before obtaining a license. Meanwhile, the majority of states don’t license this profession at all. And, according to the IJ study, it takes 350 days of schooling before a cosmetologist can obtain a license, but an emergency medical technician needs fewer than 40.

Illinoisans need the state’s paternalistic hands out of their pockets and away from their shopping carts and employment proceedings.
https://www.illinoispolicy.org/for-...ternalistic-state-in-the-country-study-finds/
 

southfork

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#11
And they dont include all these taxes in the cola for SS, nor all the phone, tv, electric bill taxes that eat away at your pocket, heres jerseys, add the state tax, property tax, sales, gas, phone, tv, electric and other taxes your over 15%, Forbes lies.

Printed on
Recycled Paper
New Jersey Tax Rate Schedules
2016
FILING STATUS:
Single
Table A
Married/CU partner, filing separate return
STEP 1
STEP 2
STEP 3
Enter
Multiply
If Taxable Income (Line 39) is:
Line 39
Line 39 by:
Subtract
Your Tax
over
But not over
$
0
$ 20,000
__________

.014 =
__________

$
0 =
_________
$ 20,000
$ 35,000
__________

.0175 =
__________

$
70.00 =
_________
$ 35,000
$ 40,000
__________

.035 =
__________

$ 682.50 =
_________
$ 40,000
$ 75,000
__________

.05525 =
__________

$ 1,492.50 =
_________
$ 75,000
$500,000
__________

.0637 =
__________

$ 2,126.25 =
_________
$ 500,000
and over
__________

.0897 =
__________

$ 15,126.25 =
_________
FILING STATUS:
Married/CU couple, filing joint return
Table B
Head of household
Qualifying widow(er)/surviving CU partner
STEP 1
STEP 2
STEP 3
Enter
Multiply
If Taxable Income (Line 39) is:
Line 39
Line 39 by:
Subtract
Your Tax
over
But not over
$
0
$ 20,000
__________

.014 =
__________

$
0 =
_________
$ 20,000
$ 50,000
__________

.0175 =
__________

$
70.00 =
_________
$ 50,000
$ 70,000
__________

.0245 =
__________

$ 420.00 =
_________
$ 70,000
$ 80,000
__________

.035 =
__________

$ 1,154.50 =
_________
$ 80,000
$150,000
__________

.05525 =
__________

$ 2,775.00 =
_________
$150,000
$500,000
__________

.0637 =
__________

$ 4,042.50 =
_________
$500,000
and over
__________

.0897 =
__________

$ 17,042.50
 
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gringott

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#12
And they dont include all these taxes in the cola for SS, nor all the phone, tv, electric bill taxes that eat away at your pocket
Good point. Every bill I get monthly seems to have one or more taxes that provide for freeloaders. Although each is a small amount, it adds up. Why, for example, is it my duty at the point of a gun to provide for a land line for someone who the state decides needs me to pay for one for them?
 

southfork

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Good point. Every bill I get monthly seems to have one or more taxes that provide for freeloaders. Although each is a small amount, it adds up. Why, for example, is it my duty at the point of a gun to provide for a land line for someone who the state decides needs me to pay for one for them?
And you have people demanding we let illegals stay here and breed and the demonrats that worry more about the illegals than the citizens in this country, how can anyone in their right fkin mind support these demonrats???????
 

gringott

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And you have people demanding we let illegals stay here and breed and the demonrats that worry more about the illegals than the citizens in this country, how can anyone in their right fkin mind support these demonrats???????
And there you have it in bold, The Rest of the Story.
 

Ensoniq

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#15
I've been trying to escape NY for years. I'm stuck here because of family. I am now at the point of saying F! it to both the state and the family and anyone else in my way.

The latest stupidity from Albany is the proposal that the income tax be replaced with a payroll tax and people's wages be reduced by an undetermined amount to make it a wash -- problem is the dolts in Albany have no clue how to do it. I can't believe these idiots actually think people will take a wage cut so they can create a new tax! These are the same idiots who rammed the $15 livable minimum wage down people's throats.
Cuomo (Coma) is acting pretty stressed.

Trump's tax bill is taxing the rich in New York and Coma, who likes to talk about taxing the rich is panicked that the rich will move out of state and he'll lose the principle source of revenue

Which is it? Taxing the rich is good or bad?

I think what bugs him is the rich are being taxed but Trump gets the money for the Feds not for NY

Winning!
 

ErrosionOfAccord

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#16
This is the first time I think they got it right regarding WY. I often see us somewhere In The middle but that has to be based on total revenue per capita. I pay $900 on $180,000 real estate 6% sales. The real bite is the vehicle tax which is paid on a sliding scale. On a 30k truck I paid north of $2000 the first year. Seven years later it was only about $200
 
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hoarder

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The real bite is the vehicle tax which is paid on a sliding scale. On a 30k truck I paid north of $2000 the first year. Seven years later it was only about $200
In Montana you can get permanent tags on your cars and trucks when they're 10 years old. Costs a couple hundred bucks and you're never bothered again. On ATV's and trailers, permanent tags standard. No State Inspection on vehicles. No sales tax in Montana. We do have income tax here but who has income?

I didn't waste the time to scroll and click through the stupid link in the OP.