Taxes here in New Mexico are horrible! The state even taxes our Social Security! To me, that is so wrong! That is money Sharon and I have worked so hard for! Lord, have mercy!
According to WalletHub, tax season can be stressful for the millions of Americans who owe money to Uncle Sam. Every year, the average U.S. household pays nearly $14,000 in federal income taxes. And while we’re all faced with that same obligation, there is significant difference when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay more than twice as much as those in the cheapest states.
Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending nearly 9% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.49% of their income on real estate taxes, one of the highest rates in the country.
As this year’s tax-filing deadline, April 15, comes closer, WalletHub compared the 50 states and the District of Columbia against national medians to see where taxpayers pay the least and the most. We calculated relative income-tax obligations by applying the effective income tax rates in each state and locality to the average American’s income. More Here
