In the mood for a depressing statistic? A new report from the financial services firm Self concludes that the average American will pay an astounding $525,037 in taxes over their lifetime—roughly 34 percent of their lifetime earnings.
But the numbers aren’t uniform across the country; they vary wildly from state to state. Based on taxes on earnings, spending, property, and cars, here are the 10 states where residents pay the highest taxes over a lifetime.
1. New Jersey
Topping the list is New Jersey, where residents will, on average, owe an astounding $932,000 in taxes over their lifetime. That’s nearly 50 percent of their typical lifetime earnings!
A wide spectrum of Ohioans could catch a break when it comes to state taxes after the Ohio House passed a bill Wednesday that brings state tax rules in line with federal rules.
The bill, which already passed the Senate and now awaits Gov. Mike DeWine’s signature, increases the child and dependent care credit, provides tax breaks for student loan payments and eliminates taxes on the first $10,200 in unemployment compensation.
Ohio businesses that benefitted from federal and state help during the ongoing COVID-19 pandemic are a step closer to not being forced to pay taxes on that aid.
The Ohio Senate unanimously passed Senate Bill 18, which complies Ohio tax law with the federal code, streamlines the state’s tax filing process and makes sure money received during the pandemic will not be taxed.
The biggest gap in understanding how business truly works exists between two distinct groups of people: Those who have made a payroll and those who haven’t.
Anyone who has run a business – small or large – would only be glad to tell you that it is equal parts fulfilling and terrifying.