You Won't Believe How Much Residents In THESE States Pay In Lifetime Taxes

By Javier Sanchez | Sunday, 28 April 2024 05:15 AM
Views 1.8K
Image Credit : Photo by John Doe for Insider

Taxpayers in the tri-state area of New York, New Jersey, and Connecticut are set to bear the heaviest tax burden in the United States, according to a recent study.

The research revealed that residents in these states pay the highest amount in federal and state taxes on their lifetime earnings.

New Jersey tops the list, with residents paying an average of $987,117 in various taxes over their lifetime, which equates to approximately 54.3% of a resident's total lifetime earnings, according to a report by financial technology company Self.

Connecticut follows closely, ranking second nationwide. The study found that residents in the state, colloquially known as Nutmeggers, pay an average of $855,307 in taxes on their lifetime earnings.

New York ranks fourth, with residents paying an average of $748,199 in lifetime taxes. This includes an astonishing $327,636 in earnings taxes, $329,353 in property taxes, $71,039 in personal spending taxes, and $20,171 in automobile taxes.

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Other states with high total lifetime tax expenditures include Massachusetts, with an average of $816,700, and New Hampshire, with an average of $722,610, despite the latter having no income tax.

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On a national level, Americans pay an average of $524,625 in taxes over their lifetime, which represents approximately 34.1% of their total earnings.

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In contrast, residents of West Virginia pay the lowest total taxes nationwide, with an average of just $358,407. Alaskans, however, pay the smallest proportion of their lifetime earnings on taxes, with an average of $400,742, or 24.5% of their overall income.

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