New York does not rank well
Living in New York for quite some time, you hear about the state having high taxes. I know I hear it all the time. But what exactly are the taxes here in New York State? The answer is not great if you live in New York.
There is a recent list published by Turbo Tax which shows the states with the highest income tax. A total of 41 states have personal income tax, including the District of Columbia. New York is obviously one of them.
Of the 41 states with a personal income tax, New York was in seventh place with an income tax of 8.82%. It’s for 2021.
The only states with a higher income tax are California (13.3), Hawaii (11), New Jersey (10.75), Oregon (9.9) and Minnesota (9.85) . The District of Columbia is sixth with an income tax of 8.95 in 2021.
On the other hand, which states do not have income tax?
The states without personal income tax are Wyoming, Washington, Texas, South Dakota, Nevada, Florida, and Alaska.
It should be noted that a low personal income tax can be misleading, as factors such as the lack of available tax cuts can increase the rate of pay and influence the low personal income tax figures. returned.
If I had to guess before looking at this list, I would have assumed New York was in the top three. Number seven isn’t much better, however.