Ranking the Most Burdensome State Taxes in the US

New York has the highest overall tax burden of all 50 states, according to a new study by WalletHub. The study compared property taxes, individual income taxes, and sales and excise taxes to calculate the proportion of total personal income that residents pay toward state and local taxes. The 10 highest tax states lost nearly 1 in 100 residents in net domestic migration between July 2021 and July 2022, while the 10 lowest tax states gained almost 1 in 100, according to a recent analysis. Some experts argue that higher taxes inhibit economic growth, while others say that certain kinds of public investments can increase economic growth.