Top 10 States With the Highest Taxes

Top 10 States With the Highest Taxes

Top 10 States With the Highest Taxes

No one enjoys paying taxes and just about everyone feels like they pay too much. However, there are definitely some people that pay more than others, like the nation’s top 1 percent of earners for example. However, when it comes to high tax rates, how much you earn is not the only factor in how much you end up paying. In fact, where you choose to live also plays a big role in how high or low your tax rate is, according to a recent study by WalletHub. WalletHub used four factors to come up with its results: income taxes, real estate taxes, sales and excise taxes and vehicle property taxes. The following are the 10 states with the highest taxes in 2016, based on those factors.

1. Illinois

With an average annual state and local tax bill of $7,836, Illinois is 2016’s worst state for taxes. The Prairie State’s annual average is a whopping 35.83 percent higher than the rest of the country’s. It is the worst state for real estate taxes and comes in at number 30 for income taxes.

2. Nebraska

Taxpayers in the Cornhusker State pay an average annual state and local tax bill of $7,466, a 29.41 percent increase over the nation’s average. High state and excise taxes, as well as real estate and vehicle property taxes make Nebraska rough on taxpayers.

3. Wisconsin

Wisconsin comes in at number three thanks to both high income taxes and real estate taxes. With an average annual state and local tax bill of $7,316 the Badger State is nearly 23 percent higher than the national average.

4. Connecticut

The Constitution State ranks poorly as well, but just $7 worse than Rhode Island Both vehicle property taxes and real estate taxes are some of the worst in the country. Average annual state and local tax bill is $7,262.

5. Rhode Island

The Ocean State is slightly higher than New York, with an average percentage that’s 25.77 percent more than the national average. Taxpayers pay an average of $7,255, thanks to the worst vehicle property tax rate in the nation, high real estate taxes and about average income and sales taxes.

6. New York

New York is known for its high cost of living so it’s no surprise it shows up on the list at number six. With an average amount of $7,211 the Empire State is 25 percent above the national average.

7. Michigan

Michigan comes in at a rate that’s 22.28 percent higher than the national average, which equals out to an average amount of $7,054 a year. Both income and real estate taxes are high compared to the rest of the country.

8. Ohio

Ohio’s average tax bill is $6,991, which is 21 percent more than the average, thanks in large part to its high real estate taxes, which rank number 40 in the nation. The state does score well on income taxes; as it comes in lower than the national average.

9. Iowa

Coming in at No. 9 is Iowa, which has an average tax rate of 19.12 percent higher than the national average, with $6,872 in average annual state and local taxes.

10. New Jersey

Living in the Garden State will cost you more. Even though New Jersey does not have a vehicle property tax, the real estate taxes are among the worst. With an average real estate tax bill greater than $4,000. The state’s average annual state and local taxes are $6,675, which is 15.7 percent higher than the national average.

//www.cheatsheet.com/culture/states-with-the-highest-taxes.html/?a=viewall

 

We hope you found this article about “Top 10 States With the Highest Taxes” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

 

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business. Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most. They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges. Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in ,
Unveiling the Venture Vision: 12 Insights from the Frontline Capital

Unveiling the Venture Vision: 12 Insights from the Frontline Capital

Insights Into Venture Capital Investing From Seminar 1 of 6 (To register for seminar 2 of 6 FREE, click here.) “In an era where financial landscapes are constantly being reshaped, it’s crucial for investors to stay ahead of the curve. The Venture Vision Webinar, a joint initiative by GROCO and Impact Venture Capital, recently hosted…

Heroes and Horses veteran care

Heroes and Horses: Challenging the Status Quo of Veteran Care

Introduction: In this interview, Alan Olsen, CPA and featured guest Micah Fink discuss how Horses and Heroes use horses to aid veteran care and much more. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Micah Fink, CEO and founder of Heroes and Horses. Micah, welcome to today’s show. Micah Fink Alan, thank…

Balancing IPOs, Ledgers & Fatherhood, A Moment with Travis Combs

Balancing IPOs, Ledgers & Fatherhood, A Moment with Travis Combs

Introduction: Two dad’s discussing life balance in the hectic world of IPOs with featured guest, Travis Combs, Managing Director at the Effectus Group. In this interview, Alan Olsen, CPA, MBA and Travis address family, faith, career, client’s best interest, and trying to strike a balance. Transcript: Alan Olsen Welcome to American Dreams. My guest today is…

A Deep Dive into Investment Banking and Philanthropy with Michael Bennett

A Deep Dive into Investment Banking and Philanthropy with Michael Bennett

Introduction: A candid discussion about investment banking and philanthropy with Mike Bennett, Managing Partner of Crewe Capital. In this interview, Alan Olsen, CPA, MBA and Mr. Bennett open a window into his Crewe Capital‘s early beginnings the connection between investment banking and philanthropy. Transcript: Alan Olsen  0:01 Welcome to American Dreams. My guest today is…