No matter how much you earn in New York State, you always feel like you’re being robbed. I mean, we all do: we expect a certain amount of money to be on our paychecks, and then you see what you’re REALLY taking home and wonder where ALL that money is going. Of course, that 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, that’s a lot of money — at least, if you compare it to other states’ tax rates.
The New York State tax rate is HIGH. This is neither a surprise nor anything new. But, it might make 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 numbers in their equations. How often do you see a graph describing how New Yorkers spend their money and showing outrageous numbers such as: the average person earns $150,000 and gives $400 a month, etc. »
We all know, at least in Western New York, that’s not entirely true.
Here are the criteria that Moneygeek used when creating these statistics BY STATE.
A married couple with one child, earning the national median income of $82,852, owner of a $349,400 home. The study breaks down how much this fictional family would pay in taxes in each state.
Here are the states hardest hit 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 wouldn’t be hit with taxes, Wyoming is the place to be: (estimated taxes: 4% of income or $3,279).
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