You Have To See New York’s Ridiculous Tax Rate Compared To Other States
No matter how much you make in New York State, it somehow always feels like you are getting robbed. I mean, we all do it: we expect a certain amount of money to be in our paychecks and then you see what you ACTUALLY bring home and wonder where ALL of that money goes. Of course, it goes to a lot of government programs, some of which are good and some of which are more controversial. No matter how you slice it, it is a lot of money--at least, as you compare it to other state's tax rates.
New York State's tax rate is HIGH. It is no surprise or anything new. But, it might get you even more frustrated to see other states' income tax and how much LESS it is than New York State. Moneygeek came up with this formula to find each of these tax rates and to be honest, at least they used reasonable figures in their equations. How many times do you see a chart that depicts how New Yorkers spend their money and it will say outrageous numbers such as: the average person makes $150,000 and donates 400 a month, etc'
We all know, at least in Western New York that is not exactly true.
Here is the criteria that Moneygeek used when coming up with these stats PER STATE.
A married couple with one kid, earning the median national income of $82,852, owning a $349,400 home. The study breaks down how much this fictional family would pay in taxes in every state.
Here are the states that get hit the hardest by taxes:
- Illinois (estimated taxes: 16.8% of income or $13,894)
- Connecticut (estimated taxes: 15.1% of income or $12,545)
- New Jersey (estimated taxes: 14.3% of income or $11,872)
- New Hampshire (estimated taxes: 14.1% of income or $11,694)
- New York (estimated taxes: 13.9% of income or $11,495)
Now, if you want to live somewhere where you would not get whacked with taxes, Wyoming is the place to be: (estimated taxes: 4% of income or $3,279).