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Here Are the 10 States Where You’ll Pay the Highest Lifetime Taxes

Posted By: RumorMail
Date: Wednesday, 26-May-2021 12:53:06
www.rumormill.news/173200

In Response To: Lumber Firms Applaud, Home Builders Angry As U.S. Moves To Double Canadian Lumber Tariffs!! Who Paid off Whom?? (RumorMail)

By Brad Polumbo

In the mood for a depressing statistic? A new report from the financial services firm Self concludes that the average American will pay an astounding $525,037 in taxes over their lifetime—roughly 34 percent of their lifetime earnings.

But the numbers aren’t uniform across the country; they vary wildly from state to state. Based on taxes on earnings, spending, property, and cars, here are the 10 states with the highest taxes over a lifetime.
1. New Jersey

Topping the list is New Jersey, where residents will, on average, owe an astounding $932,000 in taxes over their lifetime. That’s nearly 50 percent of their typical lifetime earnings!
2. Massachusetts

Next up is my home state of Massachusetts, aptly dubbed “Taxachusetts” by disgruntled residents (and former residents!). Their frustration is understandable, as they will owe an average of $827,000 in lifetime taxes.
3. Connecticut

The New England trend continues with Connecticut coming in third on the ranking. Typical residents will owe a whopping $805,000 in taxes over their lifetime.
4. Washington, DC

Technically not a state but included in this ranking for relevant comparison, the nation’s capital comes in as one of the highest-tax destinations. The average DC resident will pay $789,934 in taxes over their lifetime.

5. New Hampshire

Next up is a surprise inclusion: New Hampshire. The Granite State boasts zero income taxes and zero sales taxes, but according to this report, average residents will still owe roughly $778,800 in lifetime taxation.

6. Rhode Island

Rhode Island may be the smallest state in the US, but its tax burden is one of the largest. The report concludes that Ocean State residents will pay, on average, $767,000 in taxes over their lifetime.

7. New York

Next up is the Empire State. New Yorkers will have to shell out an average of $735,000 in taxes over the years.

8. California
In eighth ranks a state many would’ve expected to come in even higher: California. Californians will owe nearly $711,000 in taxes over an average lifetime.

9. Maryland

Tax-weary residents of Washington, DC won’t find much relief across the Maryland border. In Maryland, average lifetime taxes come in at just under $700,000.

10. Illinois

Next up is Illinois. Residents will have to pay almost $694,000 in taxes, on average, over their lifetimes.


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