Posted on 04/13/2024 9:02:49 AM PDT by bitt
New Jersey residents will pay the most in lifetime taxes, and people in West Virginia will pay the least, according to a Self Financial study.
Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden, measured as the proportion of total personal income that residents pay toward state and local taxes. Another study released this week, from credit-building platform Self Financial, analyzed the lifetime cost of tax in the U.S.
The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime. According to Self Financial, these figures were calculated by adding both federal and state lifetime taxes across earnings, sales, property, and automotive, then compared against an estimated lifetime earnings figure based on the results of the latest American Community Survey (with inflation applied to 2024) and multiplied by a working lifetime of 45 years from age 22 to 65 (the expected age of retirement).
Key statistics from the study include:
The average American will pay $524,625 in taxes throughout their lifetime—that’s a third (34.7%) of all estimated lifetime earnings ($1,494,986) spent on taxes.
Residents of New Jersey will pay the most in lifetime taxes ($987,117), and people in West Virginia will pay the least ($358,407).
Tax on earnings is where most tax will come from, with the average American paying $270,414 in a lifetime just on their wages.
Owning the most popular car (Toyota RAV4) will cost an additional $38,889 in tax payments alone, across the average four cars owned in a lifetime.
Tax on property will set the average homeowner back an additional $165,492 on top of the purchase price and running costs.
Taxpayers in Washington will pay the most on everyday expenses ($83,014), followed by those in California ($78,191), accounting for food, clothing, personal care, and entertainment.
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I know that song. Just cannot remember it.
Same here. I’m taxed enough and then some people get tax refunds on taxes never paid.
Total state revenue, not per household
Taxman ===> Beatles ===> Revolver
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