Is your state one of the highest?
Each year, Americans pay trillions of dollars to state agencies. Individuals contribute funds by way of personal property taxes for cars and homes or sales taxes for goods purchased at local stores. Businesses pay corporate income taxes based on annual revenue and other factors.
Paying taxes can put a strain on anyone’s pocketbook, but some states have a tax rate that is significantly higher than other parts of the country. For example, New York’s tax rate is more than four times higher than the tax rate for Wyoming.
It’s helpful to know which states have higher tax rates just to have an idea how much you might owe when tax time rolls around. This data is also helpful if you are considering relocating to a new area or just want to see how your home state measures up. Here are the 10 states that pay the most in taxes.