Report: Tri-State Area Has Highest State, Local Tax Burdens Nationwide Yet Again
NEW YORK (CBSNewYork/AP) – A report released by a Washington-based non-partisan policy group has found what many Tri-State area residents have known; New York, New Jersey and Connecticut have the highest state and local tax burdens in the nation.
According to a Tax Foundation study looking at fiscal year 2011 – the most recently available data – New York residents paid 12.6 percent of their collective incomes in state and local taxes.
New Jersey was just behind at 12.3 percent and Connecticut was third at 11.9 percent. The national average was 9.8 percent.
WEB EXTRA: Read The Report (pdf)
Residents of Wyoming paid the lowest percentage of income to state and local taxes at 6.9 percent, the report found.
New Jersey and Connecticut ranked first and second in average per capita income in 2011, according to the report. As a result, residents of the three states had an average tax burden of at least $6,600. No other states in the union hit the $6,000 mark.
New York, New Jersey and Connecticut also made up the top three in fiscal years 2010 and 2009, according to the group.
The Foundation noted that the state budget approved in Albany this week includes a series of tax relief measures, including a lower corporate income tax rate and an increase in the estate tax exemption.
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