5 Worst States for Rich Americans - ForumDaily
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5 Worst States for Rich Americans

Wealthy taxpayers often have to pay huge federal and state taxes, for example, a real estate tax, which can be a tangible financial burden even for a wealthy American. People with high net incomes often pay more taxes if they live in coastal states, said Smart Asset financial company.

Фото: Depositphotos

The US Internal Revenue Service reports that the average individual who pays property tax paid 3,5 a million dollars in 2016 a year. Smart Asset offers its analysis of where rich Americans have to pay the largest amount of taxes. Fox Business I chose the five most expensive states for wealthy US residents:

1. Washington

Wealthy citizens of Washington bear the highest tax burden in the United States, largely due to real estate tax, which here has a maximum rate of 20%. The threshold for exemption from real estate tax in Washington this year is 2,193 million dollars, while the maximum rate applies to those who have more than 9 million.

According to SmartAsset, households with 465 626 dollars in income, 2 328 million dollars worth of housing, and 15 million dollars worth of real estate, will have to pay around 3,9 million taxes. It is worth noting that Washington does not charge state income tax from the population.

2. Vermont

The tax burden in Vermont is also very high - the second highest in the United States after Washington. This state has set high property, income, and property taxes.

Although it is among the top ten states in terms of high income tax rates, Vermont also charges property taxes more expensive than 2,75 million US dollars at a rate of 16%.

3. Oregon

Oregon has a progressive income tax, from 5% to 9,9%. The maximum rate applies to citizens with incomes in excess of 250 thousand US dollars.

Oregon real estate tax applies to those who have estates worth more than 1 million dollars, at rates ranging from 10 to 16 percent.

SmartAsset estimates that real estate in Oregon worth 15 million dollars will give 3,37 million taxes annually.

Фото: Depositphotos

4. Massachusetts

The property tax in Massachusetts concerns those whose property is estimated at more than 1 million dollars, and exceeds the maximum rate of 16%. However, the lowest applicable rate here is just 0,8%.

Massachusetts' state income tax rate is 5,1%.

The total tax burden in the state: for households with 465 626 dollars of income, housing costs 2 328 million and property worth 15 million US dollars will pay 3,39 million dollars of taxes.

5. Minnesota

The property tax in Minnesota ranges from 12 to 16 percent. Properties worth more than 2,4 million dollars are taxable.

The total tax burden for a household with income 465 626 dollars, housing value 2 328 million and property worth 15 million US dollars here will be 3,38 million dollars in taxes.

Rhode Island (6), Illinois (7), Maryland (8), New York (9) and Connecticut (10) complete the top ten states where rich people will have to pay the biggest taxes.

The state of Wyoming was recognized as the most favorable place for a wealthy American to live - there is no state real estate or income tax. Real estate prices are among the lowest in the country. The total tax burden in this state based on the SmartAsset household model is approximately $1,64 million.

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