New Study Shows How State And Local Taxes Affect Your Bottom Line
By David Madden
PHILADELPHIA (CBS) – Ever wonder how all those state and local taxes hit your home budget?
The Washington-based Tax Foundation issued its annual study this week, which looks at the bite those taxes take out of your wallet and the tri-state didn’t fare all that well.
For the nation as a whole, foundation economist Liz Long says in calendar year 2011, it was 9.8%. The tri-state came in above that.
“Delaware was 15th highest,” Long explains. “New Jersey was second highest and Pennsylvania was 10th highest. Delaware was 10.1%. New Jersey was 12.3% and Pennsylvania was 10.3%.”
This survey takes into account not just income, sales and property taxes, but levies paid by businesses that are, in turn, passed on to consumers. I
In case you’re wondering, New York took the largest bit and Wyoming the smallest.