NY and CT Taxes Rank Among Worst in the Nation
After the wearin’ of the green, it’s the paying of the green for some of us. Soon after St. Patrick’s Day, we encounter the dreaded income tax deadline day. With Income taxes on the brain, you start thinking about taxes here, versus the taxes of other states. Do a little research and (again) we learn (surprise) that out taxes are really high.
Only two states had higher taxes than New York and Connecticut according to WalletHub's 2018 state tax study. The states with higher tax rates than us are Nebraska, and Illinois. Here's a staggering stat: taxes in New York are more than 27% higher than the nation’s average. We also have some of the and the highest gasoline taxes in the nation. However, WalletHub reminds us that some of this info may be deceiving, giving you the wrong impression:
[For Example] Washington’s citizens don’t pay income tax, but they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.86% of their income on real estate taxes, one of the highest rates in the country.
If this news is hard to swallow join me at the bar for another green beer and take comfort in the fact that tax day is not here...yet.
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