Yahoo Finance NJ, NY, Connecticut residents pay highest taxes over lifetimes: study
Tri-state area taxpayers can expect the biggest shakedown from Uncle Sam.
New York, New Jersey and Connecticut rank among the top five states for residents paying the most in federal and state taxes on their lifetime earnings, according to a recent study.
The Garden State leads the bank-breaking pack, with residents shelling out a staggering $987,117 on average for various taxes during their lifetime, or roughly 54.3% of a resident’s total lifetime earnings, a report by financial technology company Self found.
Connecticut ranked second in the nation, with Nutmeggers paying an average $855,307 on their lifetime earnings, according to researchers with the Texas-based company.
New York came in fourth, with residents burning $748,199 on average in lifetime tax payments, including a staggering $327,636 in taxes on their earnings, $329,353 on property, $71,039 on personal spending and $20,171 on cars.
Other states with the highest total lifetime tax expenditures include Massachusetts, at $816,700; and New Hampshire, at $722,610, despite locals paying zero income tax.
Nationally, Americans on average pay $524,625 in taxes over the course of their lifetime, or roughly 34.1% of their total earnings.
West Virginians can sit pretty knowing they have to fork over the lowest amount of total taxes nationwide, at just $358,407.
Alaskans, however, can boast having to pay the lowest share of their lifetime earnings on taxes: $400,742 on average, or 24.5% of their overall pay.
