|
|
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NEW YORK (CNN/Money) -- There are countless reasons why you choose to live where you live. The climate, the schools, the prospect for work and the proximity to a big metropolis are just a few. But there are also state and local taxes to consider. They can make a big difference to your bottom line. Below is a look at the average taxpayer's total state and local tax burden in each of the 50 states and the District of Columbia. That burden reflects what residents pay in state and local income taxes, property taxes, sales taxes, luxury taxes and fuel taxes, among others. It also accounts for the portion of business taxes that is passed along to the consumer by way of higher prices and lower wages. (Read more about this table below.)
The state/local tax burden reflects what a state and its local governments collect as a percentage of per capita income. So, for example, with a state/local tax burden of 10.1 percent, the state of New Jersey and its local governments get about a tenth of what its residents make per capita. Of course, if you live in the Garden State your personal tax burden may be higher or lower. Much will depend, as it would in any state, on whether you own your home, where in the state you live, how much you make and the source of your income. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
