photos by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, With Tax Day approaching on April 18 and 73% of Americans thinking that the government does not spend their tax dollars wisely, the personal-finance website WalletHub today released its 2023 Tax Burden by State report .
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In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden – property taxes, individual income taxes, and sales and excise taxes – as a share of total personal income.
- 6th – Overall Tax Burden (9.76%)
- 4th – Property Tax Burden (4.88%)
- 17th – Individual Income Tax Burden (2.36%)
- 43rd – Total Sales & Excise Tax Burden (2.52%)
For the full report, please visit:
https://wallethub.com/edu/
| States with Highest Tax Burdens (%) | States with Lowest Tax Burdens (%) |
| 1. New York (12.47%) | 41. Oklahoma (7.12%) |
| 2. Hawaii (12.31%) | 42. Missouri (7.11%) |
| 3. Maine (11.14%) | 43. Montana (6.93%) |
| 4. Vermont (10.28%) | 44. South Dakota (6.69%) |
| 5. Connecticut (9.83%) | 45. Wyoming (6.42%) |
| 6. New Jersey (9.76%) | 46. Florida (6.33%) |
| 7. Maryland (9.44%) | 47. Tennessee (6.22%) |
| 8. Minnesota (9.41%) | 48. New Hampshire (6.14%) |
| 9. Illinois (9.38%) | 49. Delaware (6.12%) |
| 10. Iowa (9.15%) | 50. Alaska (5.06%) |
“Property taxes are basically a regressive wealth tax assessed at the local city or town level. Typically, they are used to fund the towns or cities’ operating budgets and fulfill their obligations. Many states offer credits for property taxes paid to the local jurisdictions to offset State income taxes or federally subsidized veterans and elderly credits to offset the property taxes. As a regressive tax, property taxes should not be tied into a progressive tax system.”
James N. Mohs D.B.A. – Associate Professor, University of New Haven
“The answer depends on one’s view of fairness. If one believes that wealthier people should pay higher tax rates than higher marginal rates on more valuable properties would seem ‘fairer.’ People who believe in flat taxes are more fair than graduated rates would find flat taxes to be fairer. This strikes me as a political question based on individual notions of fairness.”
Gregory Germain – Professor, Syracuse University College of Law.
Millionaire entrepreneur and television personality Kevin O’Leary called out Sen. Elizabeth Warren, D-Mass., by name Friday on “Varney & Co.,” as well as other anti-business leaders, for punishing American success. “Most of the venture capital for the last 40, 50 years, since the mid-1950s was highlighted in places like Silicon Valley and around the Boston area. So Massachusetts, New York, California. These were the heyday years,” O’Leary said. “Nobody wants to do business in these states anymore.”
