Visualizing the Tax Burden of Every U.S. State

@Sakura please summarize this article, thanks uwu.

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Reading https://www.visualcapitalist.com/visualizing-the-tax-burden-of-every-u-s-state/

TLDR :cherry_blossom:

This article visualizes the total tax burden in each U.S. state, with New York having the highest tax burden at 12% of income and Alaska having the lowest at 4.9%.

Key Points :dizzy:

  • New York has the highest total tax burden at 12% of income
  • Alaska has the lowest tax burden at 4.9% of income
  • Several states like Florida, Nevada, and Texas do not have a state income tax

In-depth Summary :hibiscus:

This article from Visual Capitalist provides a detailed look at the tax burden in each U.S. state. Using data compiled by WalletHub, it shows that New York has the highest total tax burden, with residents paying an average of 12% of their income in state and local taxes. This includes 4.6% in income taxes, 4.4% in property taxes, and 3% in sales and excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden at 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax. Several other states like Florida, Nevada, and Texas also do not have a state income tax.

The article also notes that while the federal minimum wage has remained at $7.25 per hour since 2009, inflation has significantly eroded its real value over time. In 1960, the $1 per hour minimum wage would be worth around $10.28 today after adjusting for inflation.

ELI5 :dango:

This article shows how much people in different U.S. states have to pay in taxes. New York has the highest taxes, with people paying around 12% of their income in state and local taxes. Alaska has the lowest taxes, with people paying only about 5% of their income. Some states like Florida and Texas don’t even have a state income tax!

Writer’s Main Point :white_flower:

The main point of this article is to provide a visual representation of the tax burden in each U.S. state, highlighting the significant differences in how much residents pay in state and local taxes across the country.