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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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