November 20, 2010
The 10 Highest State Income Tax Rates For 2011Forbes, The 10 Highest State Income Tax Rates For 2011:
- Hawaii: 11% ($200,000 single/$400,000 married)
- Oregon: 11% ($250,000 single/$500,000 married)
- California: 10.3% ($1,000,000 single & married)
- Iowa: 8.98% ($64,755 single & married)
- New Jersey: 8.97% ($500,000 single & married)
- New York: 8.97% ($500,000 single & married)
- Vermont: 8.97% ($379,150 single & married)
- Maine: 8.5% ($19,750 single, $39,550 married)
- Washington, D.C.: 8.5% ($40,000 single & married)
- Minnesota: 7.85% ($74,780 single, $132,220 married)
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How about sales taxes?
Posted by: Eric Rasmusen | Nov 20, 2010 5:01:33 PM
51 (tie). Oregon: 0%
Posted by: Jack Bogdanski | Nov 20, 2010 6:31:51 PM
Good point. I know at least Oregon has none, which may contribute to it being near the top there. I don't know enough about the state's taxes to say for sure, though.
Posted by: Walter | Nov 20, 2010 8:43:43 PM
What Oregon also does is cap the mortgage deduction.
This means a higher real income tax rate for lower incomes (i.e less than $250k)
Posted by: bonzo | Nov 20, 2010 11:23:13 PM
I have yet to see a good assessment of comprehensive tax burden- local income, local and state sales, property taxes, state income, mandatory fees, corporate taxes- that shows us the real burden.
Is it really so difficult to come up with by census tract or zip code?
Posted by: Patrick | Nov 21, 2010 12:03:13 AM
Then the pitchforks also make an appearance.
Posted by: Sandy P | Nov 21, 2010 11:35:34 AM
And what about property taxes?
In Colorado, taxes on a $500,000 house are about $3000/year. In Texas, it would likely be $12,000/year or more.
Taxes will be paid. The only question is how one pays them.
Posted by: Allan | Nov 22, 2010 11:10:37 AM