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New York, New Jersey, Connecticut Are Among Worst States For Taxes

New York, New Jersey and Connecticut are the top three worst tax burden states in the country, says Forbes Magazine.
New York, New Jersey and Connecticut are the top three worst tax burden states in the country, says Forbes Magazine. Photo Credit: Flickr user 401(K) 2013

A Forbes Magazine analysis of state taxes has come up with a result that will surprise no one: New York, New Jersey and Connecticut are the worst states in the nation for taxation, in that order.

Forbes said New York was the worst tax state, based on the following:

No. 1: New York

. State and local tax burden: 12.60%

. Effective state tax rate ($50,000 taxable income): 5.46%

. Highest tax bracket: $1,115,850

. Rate at highest tax bracket: 8.82%

. Per Capita Income: $52,417

At only 30 hundredths of a percent less than New York overall, New Jersey was second:

No. 2: New Jersey

. State and local tax burden: 12.30%

. Effective state tax rate ($50,000 taxable income): 2.54%

, Highest tax bracket: $500,000

. Rate at highest tax bracket: 8.97%

. Per Capita Income: $54,422

And Connecticut rounded out the NY Metro region at third:

No. 3: Connecticut

. State and local tax burden: 11.90%

. Effective state tax rate ($50,000 taxable income): 4.60%

. Highest tax bracket: $250,000

. Rate at highest tax bracket: 6.70%

. Per Capita Income: $60,287

California came in at No. 4.

Forbes based their analysis on an average taxable income of $50,000, and obtained 2015 tax data from the Tax Foundation, a nonpartisan think tank that tracks tax policy, based in Washington, D.C.

To read the full study, click here .

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