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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At least Californicator land is not #1, in this reality.
NY has a ‘congestion tax” now- as well as a whole slew of asinine taxes- like their “metropolitan commuter transportation mobility tax”
IF they could tax breathing, they would, and will-
Taxes are such a personal thing. i.e. we all pay differently. I live in an income tax state (Kentucky). It means the real estate and sales taxes are low because of it. And since I’m retired I pay zero income tax. Which means my taxes are absurdly low. But if I was a young high wage earner, I just may want to switch states...
My aunt and uncle lived in New Jersey and my uncle told me his property tax was $9,000 a year when I visit them in 2003.
He bought his home in 1959 for $42,000....
Every 5 years he pays for his house all over again and again and again.
He pointed to a home being built further up the block and said that was a million dollar home. Imagine the tax on that!
Good one.
Carlin bought the home of Eddie Evans, a childhood friend in Saddle River, NJ a coon’s age ago. (East Road)
Nixon’s old neighborhood, I know this because I lived in Allendale.
Nixon bought Alfred’s house. A friend used to drive his pick up with an empty dynamite box in back just to harass the secret service.
>> Residents of New Jersey will pay the most in lifetime taxe
Said this many times since Trump’s fed tax overhaul. As a state total, I believe TX pays the most.
My parents bought their home on Long Island for $35,000.
When they sold it, the taxes where $16,000 ($8,000 with the senior discount).
Just one of the many reasons my husband and I escaped from there almost 30 years ago.
Saddle River was a high rent district, Allendale was strictly working class at the time (1960’s). But for us it was heaven compared to Queens, NY.
Hush! Don't give them ideas! ;-)
Glad I don’t live in New Jersey. High taxes...and exploding deer.
My dad used to take pleasure stating that there were in fact two Democrats on your side of 17! Darned good thing he was police commissioner. High school @ Ramsey (’69). We sucked at sports. I escaped to Colorado at 17.
My lifetime isn’t over and I’ve already paid more than the “average” American. Quite a bit more. And I’ve never lived in New Jersey.
If you take a walk I’ll tax your feet
If you try to sit I’ll tax your seat
Having lived other places, not even close.
Same here. And I’m a (mostly) law abiding man on his own, minding his own business (or at least trying to). Never burdened the justice system, never any ‘assistance’, just a good-solid tax-payer getting taken to the cleaners here in CA.
True but once your over the cliff it doesn’t matter how far the fall is.
Here is Ca. the state is a money vacuum.
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