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News Link • TAXES: State

States with the Highest (and Lowest) Taxes

• http://247wallst.com,
 During the 2010 tax season, Americans paid 9.9% of their income on state and local taxes. This number, according to a report released today by The Tax Foundation, is up from 9.3% in 2000, but is basically unchanged from 2009. Per capita income in the U.S. fell from $42,539 in 2009 to $41,146 in 2010, while taxes fell slightly, from $4,160 in 2009 to $4,112 in 2010.

In some U.S. states, the burden on residents relative to their income rose substantially. In New York state, taxes paid per capita rose by more than $200, while income per capita fell by more than $1,100. According to the report, residents in New York paid 12.8% of their income on state and local taxes last year. In Alaska, residents paid just 7% of their income on non-federal taxes. Based on the Tax Foundation’s State and Local Tax Burden Rankings for 2010, 24/7 Wall St. identified the states with the largest and smallest tax burden on their residents.

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