Study: New York Is 2021’s State with the Highest Tax Burden
With Tax Day delayed to May 17 due to the impact of the COVID-19 pandemic, the personal-finance website WalletHub has released its 2021 Tax Burden by State report, along with its 2021 Tax Facts infographic.
In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.
Tax Burden in New York (1=Highest, 25=Avg.):
- 1st – Overall Tax Burden (12.79%)
- 6th – Property Tax Burden (4.40%)
- 1st – Individual Income Tax Burden (4.96%)
- 22nd – Total Sales & Excise Tax Burden (3.43%)