Thursday, June 14, 2012
Forbes: The Highest State and Local Income Taxes on a $1 Million Income:
We asked Wolter Kluwer’s CCH division to calculate the tax bill for a married couple with $1 million in salary, two children and $110,000 in itemized deductions, living in the largest city in each state. Here are the 10 highest bills.
- New York (New York): $103,280
- Hawaii (Honolulu): $96,557
- Oregon (Portland): $91,609
- California (Los Angeles): $87,849
- Maryland (Baltimore): $83,188
- D.C. (Washington): $82,902
- Maine (Portland): $78,883
- Vermont (Burlington): $77,561
- Minnesota (Minneapolis): $74,874
- Delaware (Wilmington): $74,310
Interestingly, all ten states are blue states that voted for Barack Obama in 2008, John Kerry in 2004, and Al Gore in 2000.