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While Vermont might be the healthiest state in the union, its residents are paying dearly, according to recent findings from the Tax Foundation. Specifically, 14.1% of a Green Mountain State resident's income is funneled away to state and local taxes, making it the least tax-friendly of all 50 U.S. states. Maine ranks second, with 14.0% of a resident's income earmarked for state and local taxes. Rounding out the bottom five are New York, Rhode Island, and Ohio. And for the 17th year in a row, Alaska was named the most tax-friendly state, as only 6.6% of an Alaskan's income will go toward state and local taxes. New Hampshire is second on the list, at 8.0%, followed by Tennessee, Delaware, and Alabama.
The tax burden calculated by this study combines state and local income taxes, property taxes, sales taxes, and others. To find out where your state ranks, click here.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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