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24/7 Wall St.: States with the Highest (and Lowest) Taxes

States with the Highest Taxes

1. New York

Taxes paid by residents as pct. of income: 12.8%
Total state and local taxes collected: $136.24 billion (2nd highest)
Pct. of total taxes paid by residents: 73.3% (19th highest)
Pct. of total taxes paid by non-residents: 26.7% (19th lowest)

New York’s tax rate of 12.8% of income was up from 12.1% in 2009, when it was second to New Jersey. Currently, the state has eight different tax levels, ranging from 4% for taxable income under $8,000 all the way up to 8.82% for income over $1 million. In addition to federal and state taxes, residents of New York City were required to pay a local income tax, commonly referred to as the city tax. Property taxes were very high in New York, too. The median property tax in Westchester County in 2008 was $8,404 annually, more than any other county in the U.S. New York also had the highest cigarette tax in the country at $4.35.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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