While every state has different tax codes and regulations, 24/7 Wall Street has found a way to review and compare each state’s tax burden on residents. That formula has lead them to declare that once again New York has won the title.
The “Facts & Figures 2017: How Does Your State Compare?” report uses data from the tax policy research organization Tax Foundation to compare each state.
According to the report, around 78 percent of taxes paid by American go to their own state and local governments.
New York’s resident tax burdens are as high as 12.7 percent while Alaska, which is the lowest taxed state, has a number as low as 6.5 percent.
Following closely behind New York are Connecticut, New Jersey, California, Illinois, Wisconsin, Maryland, Rhode Island, Minnesota, Massachusetts, and Vermont.
New York residents also have the fourth highest income per capita, the second highest income tax collections per capita, fifth highest property tax collections per capita, and the 14th lowest general sales tax collections per capita.
According to the Democrat & Chronicle article citing the study, the findings show that states with lower-income residents tend to have lower tax burdens. The article also stated that Gov. Andrew Cuomo’s office panned the report by saying that the governor has lowered the income-tax rates, slowed growth in property taxes with a tax cap, and cut business taxes.
“This is old data,” Cuomo spokesman Rich Azzopardi was quoted as saying in the Democrat & Chronicle.
Syracuse state Sen. John DeFrancisco, a Republican candidate for governor, was quoted as saying by the New York Post that “people are voting with their feet” to leave or avoid New York because of its high tax-and-spend reputation.