The Obama Administration yesterday backed down from its plan to tax the earnings on 529 savings accounts, a kind of saving account for higher education under section 529 of the tax code. At Bloomberg, Richard Rubin and...
- Release of Annual State-Local Tax Burdens Rankings
Release of Annual State-Local Tax Burdens Rankings
This morning, we released our Annual State-Local Tax Burdens Rankings which estimates the combined state and local tax burden shouldered by the residents of each state, regardless of the jurisdiction to which those taxes are paid. Using the most up-to-date data available, the report examines the state-local tax burdens in each of the 50 states in 2011.
New Yorkers had the highest burden, paying 12.6% of their collective income in state and local taxes. New Jersey (12.3%) and Connecticut (11.9%) came in 2nd and 3rd, respectively.
On the other end of the spectrum, Wyoming (6.9%), Alaska (7.0%), and South Dakota (7.1%) have the lowest burdens.
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