State taxes can be an important factor when you might be evaluating where to change residences, relocating organizations, or maybe retirement living. According to the data below, taxes could very well sway social phenomenon like the Tea Party and now the Occupy Wall Street movement. Let's dive deeper into the state taxes issue.
The Tax Foundation* (far right tax free group) just recently compiled a list with the highest as well as smallest amount of state taxes inside the U.S.
Most Taxed States. 1. Connecticut 2. New Jersey 3. New York 4. Massachusetts 5. Maryland Least Taxed States. 1. Mississippi 2. South Carolina 3. Tennessee 4. Alabama 5. Alaska
Just using two more data points including poverty and median income can substantially alter the way in which you perceive a state's economic prosperity.
The outcome just mightstun you by how redundant the outcome generally trends. Not surprisingly, there are exceptions towards the general direction the data takes.
Poverty and Taxes Findings (average US poverty rate at the time of the survey was 14.7%)
All of the "the lowest taxed states" suffered from above mean poverty ratios, with the exception of Alaska. The very least taxed state, Mississippi, experienced the worst poverty in relation to every state, according to the census bureau*.
New York was the only state in the top highest taxed states that fell below the average poverty rate.
All the states in the top five highest taxes category, minus New York, are in the top ten least impoverished states. Connecticut had the second lowest poverty rate.
Poverty Rankings (#1 = Most Poverty) . #49 Connecticut. #46 New Jersey. #14 New York. #39 Massachusetts. #43 Maryland. Poverty Rankings (#1 = Most Poverty) . #1 Mississippi. #17 South Carolina. #11Tennessee. #10 Alabama. #34 Alaska.
Median Earnings and Taxes Comparison. WOW!
Mean median income in the usa between years 2009 and 2010 was $50,022 per the census bureau*. Ranking the median income compared to the state tax list, quite possibly the most stunning aspect are repeating findings.
The best median income rankings look almost like the "five most taxed states" listing were duplicated and pasted inside of the top 6 (six) uppermost revenue places. Connecticut ranked #1 for the highest median income and the most taxed state. Once again, New York's median worker's wages is topped by Alaska.
True to form, Mississippi is simultaneously the least taxed state and the state making the smallest median earnings. Predictably 4 of 5 lowest taxed states placed in the 6 (six) least median worker's wages state rankings. Alaska once again, beat expectations and finished better than New York placing underneath the four out of five of the most taxed states.
Median earnings Standing (#1 = Most Income) . #1 Connecticut. #3 New Jersey. #23 New York. #6 Massachusetts. #4 Maryland. Median earnings Status (#1 = Most Earnings) . #50 Mississippi. #45 South Carolina. #48Tennessee. #47 Alabama. #7 Alaska.
Conclusion.
Since state taxes are just one aspect to take into account prior to packing up and moving to another state, additional economic facts ought to be considered to ascertain which state is best for you.
The Tax Foundation* (far right tax free group) just recently compiled a list with the highest as well as smallest amount of state taxes inside the U.S.
Most Taxed States. 1. Connecticut 2. New Jersey 3. New York 4. Massachusetts 5. Maryland Least Taxed States. 1. Mississippi 2. South Carolina 3. Tennessee 4. Alabama 5. Alaska
Just using two more data points including poverty and median income can substantially alter the way in which you perceive a state's economic prosperity.
The outcome just mightstun you by how redundant the outcome generally trends. Not surprisingly, there are exceptions towards the general direction the data takes.
Poverty and Taxes Findings (average US poverty rate at the time of the survey was 14.7%)
All of the "the lowest taxed states" suffered from above mean poverty ratios, with the exception of Alaska. The very least taxed state, Mississippi, experienced the worst poverty in relation to every state, according to the census bureau*.
New York was the only state in the top highest taxed states that fell below the average poverty rate.
All the states in the top five highest taxes category, minus New York, are in the top ten least impoverished states. Connecticut had the second lowest poverty rate.
Poverty Rankings (#1 = Most Poverty) . #49 Connecticut. #46 New Jersey. #14 New York. #39 Massachusetts. #43 Maryland. Poverty Rankings (#1 = Most Poverty) . #1 Mississippi. #17 South Carolina. #11Tennessee. #10 Alabama. #34 Alaska.
Median Earnings and Taxes Comparison. WOW!
Mean median income in the usa between years 2009 and 2010 was $50,022 per the census bureau*. Ranking the median income compared to the state tax list, quite possibly the most stunning aspect are repeating findings.
The best median income rankings look almost like the "five most taxed states" listing were duplicated and pasted inside of the top 6 (six) uppermost revenue places. Connecticut ranked #1 for the highest median income and the most taxed state. Once again, New York's median worker's wages is topped by Alaska.
True to form, Mississippi is simultaneously the least taxed state and the state making the smallest median earnings. Predictably 4 of 5 lowest taxed states placed in the 6 (six) least median worker's wages state rankings. Alaska once again, beat expectations and finished better than New York placing underneath the four out of five of the most taxed states.
Median earnings Standing (#1 = Most Income) . #1 Connecticut. #3 New Jersey. #23 New York. #6 Massachusetts. #4 Maryland. Median earnings Status (#1 = Most Earnings) . #50 Mississippi. #45 South Carolina. #48Tennessee. #47 Alabama. #7 Alaska.
Conclusion.
Since state taxes are just one aspect to take into account prior to packing up and moving to another state, additional economic facts ought to be considered to ascertain which state is best for you.