To No Surprise New York Is the Worst State For Taxes
Who's paying the most taxes? Forbes compiled a list of the worst states for taxes and who do you think topped the list?
To no surprise, New York is the worst state for taxes.
#1 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
Forbes came up with the list by "calculating the effective tax rate for single taxpayers earning a taxable income of $50,000 (the average household income)"
Where is the best state for taxes? Wyoming.
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