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Living in Massachusetts, Not Tax-achusetts

By
Real Estate Agent with Coldwell Banker, Franklin,MA/508-369-5131 9017020

Residents of the Bay State have long heard that we live in “tax-achusetts”.  The Commonwealth ofMassachusetts sign Massachusetts has always been viewed as a highly taxed state to reside.  I am pleased to report that recent findings seem to suggest this may no longer be the case.  24/7Wall Street.com reported on the Tax Foundation study which analyzed the ten highest and ten lowest taxed states in the nation and Massachusetts did not show up on either list!  In fact, several other New England states such as Vermont, Maine and Rhode Island did make the highest taxed list-- but not Massachusetts.

It is noteworthy that the amount “varies widely as not all states have the same sources of revenue. Some get more from business levies than others. Some have a statewide sales tax. Some cities and towns tax property based on value, while others don't. The issue of what people are taxed at the state and local level is complex, among other reasons, because states often receive a large amount of their tax receipts from sources other than the simple payments of state residents.”

The Tax Foundation report, "State-Local Tax Burdens Fall in 2009 as Tax Revenues Shrink Faster than Income," shows the extent of the differences. The most important reason for the variation is that some states generate a significant amount of their tax revenue from businesses and out-of-state residents, thereby minimizing the burden of taxes borne by residents.

The Ten States with the Highest Tax Burdens:

10. Pennsylvania
Taxes paid by residents as pct. of income: 10.1%

9. Maine
Taxes paid by residents as pct. of income: 10.1%

8. Vermont
Taxes paid by residents as pct. of income: 10.2%

7. Minnesota
Taxes paid by residents as pct. of income: 10.3%

6. California
Taxes paid by residents as pct. of income: 10.6%

5. Rhode Island
Taxes paid by residents as pct. of income: 10.7%

4. Wisconsin
Taxes paid by residents as pct. of income: 11%

3. Connecticut
Taxes paid by residents as pct. of income: 12%

2. New York
Taxes paid by residents as pct. of income: 12.1%

1. New Jersey
Taxes paid by residents as pct. of income: 12.2%

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Kathy Stankard of Coldwell Banker Residential Brokerage can be reached by cell at 508-369-5131 or via email

Kathy has been a top producing REALTOR since 1996 helping buyers and sellers in the Franklin, MA and metrowest of Boston area.  Feel free to check out her website for more resources and information.

 

 

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