We fought a Revolution over taxation without representation but our Founding Fathers would be stunned if they saw us today. We no longer have control over our system of taxation. Without any accountability, politicians add on taxes under the guise of fees or modifications to existing law, and they use it all to buy votes.
Uncle Sam is America’s biggest bill and states make it worse, cheatsheet wrote.
The nation as a whole doesn’t earn enough money to pay its total tax bill for the year until mid-April.
The highest state tax rates will not come as a surprise but the amount they rip off from residents might.
In New York, the rate is 12.6%, New Jersey is 12.3%, Connecticut – 11.9%, California -11.4% and Wisconsin – 11%.
New York, a big welfare state, is the worst. The difference from the national average is 39%, and the cost of living is a whopping 51 out of the 50 states and the District of Columbia.
Governor Andrew Cuomo won’t allow fracking in New York but he never met a welfare program he doesn’t love.
You can read an analysis on the highest and lowest states on cheatsheet.
This won’t help at least three of the Republican candidates for president.
The lowest tax states are Wyoming – 6.9%, Alaska – 7%, South Dakota – 7.1%, Texas – 7.5%, and Louisiana – 7.6%.
These states make a lot of money from natural resources. Alaska, Nevada, and Texas don’t tax wages; Nevada doesn’t have a corporate tax, they make money off tourists; Maine and Vermont makes money off vacation homes. It can be done with some creativity and common sense.
MORE INFORMATION AT WALLETHUB