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  1. #1
    Atomic Punk
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    Default Highest State Tax Burdens

    States facing shrinking revenues approved $23.9 billion in new taxes and fees in 2010. They imposed a further $6.2 billion in taxes in 2011 and proposed $13.8 billion in new taxes for 2012, according to the National Association of State Budget Officers. "Many jurisdictions, many states, many counties, are broke," said Carol Kokinis-Graves, senior writer analyst at Riverwoods (Ill.)-based tax and accounting firm CCH, a Wolters Kluwer business.

    Along with cutting services, states are getting creative in finding additional revenues. (Think: taxes on yoga classes and lots more "sin" taxes.)

    The Tax Foundation annually releases state-local tax burdens for the residents of each state. The burdens are effective tax rates calculated by totaling state-local level taxes paid by taxpayers in each state, then dividing by their income. The burdens also reflect the economic incidence of taxes that are commonly shifted to out-of-state taxpayers.

    Does your state lead the pack in levying taxes on income, property, consumption, inheritance, and whatever else it can dream up?

    5 Highest State Tax Burdens
    1. Connecticut
    Income tax: 5%
    Sales tax: 6.35%
    Property tax per capita: $2,381
    Inheritance tax: 7.2% to 16% with $2 million exemption

    High taxes in Connecticut are paired with the nation's highest income per capita--$56,001 per person in 2010, according to the Bureau of Economic Analysis. A sales tax increase took effect in July, raising the rate, from 6 percent to 6.35 percent, and adding a further 3 percentage-point levy on luxury goods such as expensive cars and boats. The state collects the third-highest property taxes per capita and is one of 14 states to tax Social Security income, according to CCH.

    Read on to see which states make you pay the most — and the least.
    http://finance.yahoo.com/retirement/...ates-bloomberg
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Premium Member

    Default

    Quote Originally Posted by voivod View Post
    States facing shrinking revenues approved $23.9 billion in new taxes and fees in 2010. They imposed a further $6.2 billion in taxes in 2011 and proposed $13.8 billion in new taxes for 2012, according to the National Association of State Budget Officers. "Many jurisdictions, many states, many counties, are broke," said Carol Kokinis-Graves, senior writer analyst at Riverwoods (Ill.)-based tax and accounting firm CCH, a Wolters Kluwer business.

    Along with cutting services, states are getting creative in finding additional revenues. (Think: taxes on yoga classes and lots more "sin" taxes.)

    The Tax Foundation annually releases state-local tax burdens for the residents of each state. The burdens are effective tax rates calculated by totaling state-local level taxes paid by taxpayers in each state, then dividing by their income. The burdens also reflect the economic incidence of taxes that are commonly shifted to out-of-state taxpayers.

    Does your state lead the pack in levying taxes on income, property, consumption, inheritance, and whatever else it can dream up?

    5 Highest State Tax Burdens
    1. Connecticut
    Income tax: 5%
    Sales tax: 6.35%
    Property tax per capita: $2,381
    Inheritance tax: 7.2% to 16% with $2 million exemption

    High taxes in Connecticut are paired with the nation's highest income per capita--$56,001 per person in 2010, according to the Bureau of Economic Analysis. A sales tax increase took effect in July, raising the rate, from 6 percent to 6.35 percent, and adding a further 3 percentage-point levy on luxury goods such as expensive cars and boats. The state collects the third-highest property taxes per capita and is one of 14 states to tax Social Security income, according to CCH.

    Read on to see which states make you pay the most — and the least.
    http://finance.yahoo.com/retirement/...ates-bloomberg
    Seems odd that they include the inheritance tax, considering it is a list on the most and least taxing states to live and retire in--not die.

    Anyway, just to throw the numbers out from CA:

    Income tax: 9.55%
    Sales tax:7.25% (it is 7.75% where I live, Los Angeles is 8.75%, and some up to over 9%)
    Property tax per capita: $1449

    Gas taxes are also 2nd-highest in the nation
    Last edited by lovemachine97(Version 2); 10.05.11 at 08:56 AM.

  3. #3
    Forum Frontman It's Mike's Avatar
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    Default

    ahh, taxes look so low compared to what we pay.


    In Ontario:

    Income:

    5.05% on the first $37,774 of taxable income, +
    9.15% on the next $37,776, +
    11.16% on the amount over $75,550

    Sales:
    13% (harmonized with federal sales tax)

    Prop taxes:

    no clue on the average, but my mine is about 3,400 bucks and my house would be considered middle of the road value wise.

  4. #4
    Top Of The World mcstravi's Avatar
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    Default

    Quote Originally Posted by It's Mike View Post
    ahh, taxes look so low compared to what we pay.


    In Ontario:

    Income:

    5.05% on the first $37,774 of taxable income, +
    9.15% on the next $37,776, +
    11.16% on the amount over $75,550

    Sales:
    13% (harmonized with federal sales tax)

    Prop taxes:

    no clue on the average, but my mine is about 3,400 bucks and my house would be considered middle of the road value wise.
    Forgot Federal Tax is on top of this.

    15% on the first $41,544 of taxable income, +
    22% on the next $41,544 of taxable income (on the portion of taxable income between $41,544 and $83,088), +
    26% on the next $45,712 of taxable income (on the portion of taxable income between $83,088 and $128,800), +
    29% of taxable income over $128,800.




    And Gas Tax for Ontario

    $1.057 per US Gallon

    We do get Health Insurance though..not sure how much it would cost for our coverage in US rates.

    Also the $10.25 minimum wage makes eating at restaurants crazy expensive compared with eating in the US.
    Last edited by mcstravi; 10.05.11 at 10:27 AM.
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  5. #5
    Good Enough pal1800's Avatar
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    Default

    Whatever it takes to pay the expenses of those who contribute nothing! The Great American way!

 

 

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