Sooo, I am researching tax burdens of various states as part of my upcoming series on state taxes. And to my surprise, Maine actually ranks really high in terms of overall tax burden (they’re second, according to the Bureau of Economic Analysis, Census Bureau and Tax Foundation).
Who’s first? Vermont, with an overall burden of 14.1%. Maine comes in second at 14.0%. New York is third with 13.8%.
The tax burden is comprised of what residents pay in state and local income taxes, property taxes, sales taxes, luxury taxes and fuel taxes. The rankings as determined by the Bureau also considers the portion of business taxes passed along to residents through higher prices, lower wages or lower profits.
Wonder where your state landed? Keep reading… I’ll post the relative rates of all of the states in my upcoming series.