Ever Wonder Much You Will Pay in Taxes in a Lifetime?

The old saying goes, something like, the only things constant in life are death and taxes. That leads to an interesting question. How much do you pay in taxes from birth to death. While it depends a lot upon your state of residence and income, there are, however, averages.

The online publisher, Visual Capitalist took a long look at the question of death and taxes and came to some interesting conclusions.

Visual Capitalist’s analysis is based on a 45-year life of working with earnings being constant and tax rates being constant as well. The life expectancy of its average person is 79.6 years and this person bought their home at age 40 while owning five motor vehicles in that time frame. The tax burden estimates are based on federal income tax, state income tax, property taxes, sales taxes, and vehicle taxes.

While it’s not super accurate, it is an interesting view of taxation.

New Jersey has the honor — if you can call it that — of being the highest of the lifetime taxers with an estimated $1.36 million.

• New Jersey residents pay 48.2% of their lifetime earnings in taxes

• Florida residents pay the least percentage in the nation at 25.5%

• Florida residents only pay $509,000

• Nine states have lifetime taxes topping $1 million

• The Northeaster states have the most of those

Here are the top 10 most lifetime taxed states. The PIA Western Alliance state of California sits at number 6 on the list:

1. New Jersey — $1,359,406

2. Massachusetts — $1,297,130

3. Connecticut — $1,249,749

4. New Hampshire — $1,125,478

5. New York — $1,084,561

6. California — $1,075,061

7. Maryland — $1,060,255

8. Illinois — $1,033,447

9. Minnesota — $1,018,872

10. Rhode Island — $999,704

The rest of the PIA Western Alliance states:

16. Washington — $816,217

17. Oregon — $775,976

25. Alaska — $702,376

26. Arizona — $698,824

27. Hawaii — 684,028

28. Montana — $669,934

35. Idaho — $621,705

37. New Mexico — 605,411

46. Nevada — $535,652

By the way, Visual Capitalist found the PIA Western Alliance state of Washington’s not having an income tax didn’t give people living there with a lower tax burden. As proof of that conclusion, Washington ranks 16th overall.

Source link: Visual Capitalist — https://bit.ly/4AsEEAI