7-7-16 – Motley Fool Tags Vermont for 3rd Highest Taxes in the Nation

by Rob Roper

The investment website Motley Fool published an article ranking the overall tax burdens in the 50 states. Vermont tied for third highest with our neighbor, Maine. The calculations considered the total amount of personal income paid to real estate, individual income, and gross receipts taxes.

The top five states with the heaviest tax burdens were:

New York – 13.12%

Hawaii – 11.86%

VERMONT – 11.13%

Maine – 11.13%

Connecticut – 10.91%

And the least burdensome were:

South Dakota – 6.94%

New Hampshire – 6.88%

Tennessee – 6.5%

Delaware – 5.91%

Alaska – 5.18%

The article also outlines some strategies for lowering your tax burden, such as investing in 401(k) plan or a traditional IRA.and signing up for commuter benefits or a flexible spending account (FSA) through your employer. And, of course, voting with your feet to a more tax friendly sate. The full article is worth a look.

Rob Roper is president of the Ethan Allen Institute

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The Ethan Allen Institute is Vermont’s free-market public policy research and education organization. Founded in 1993, we are one of fifty-plus similar but independent state-level, public policy organizations around the country which exchange ideas and information through the State Policy Network.

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