Residents of New England are paying some of the highest taxes in the United States, according to a comprehensive study analyzing the lifetime tax burdens across all fifty states.
The report, recently published by financial services firm Self Financial, provides an eye-opening glimpse into the financial futures of Americans based on current tax policies.
On average, a Maine resident will pay $581,750 in total taxes over their lifetime, which amounts to 40.9 percent of their estimated lifetime earnings.
This places Maine as one of the top ten highest tax-paying states by percentage of lifetime earnings in the nation, alongside its New England neighbors.
Connecticut and Massachusetts residents face even steeper taxes with lifetime contributions of $855,307 and $816,700, respectively, making them the third and fourth highest in the United States. The figures represent nearly half of their lifetime earnings, at 49.4 percent and 44.0 percent, respectively.
The study was based on American Community Survey and accounted for various types of taxes including income, sales, property, and auto taxes over a hypothetical 45-year working life from age 20 to 65. According to Self Financial, the methodology involved inflating the current tax rates and median home values to predict future burdens.
In contrast to New England, states like Wyoming and Alaska offer the most favorable tax environments with lifetime tax contributions at 28.2 percent and 24.5 percent of lifetime earnings respectively.
The full study is available here.
Jeez, what do you think would be the cause of that????? I am only a white, middle age, affluent democrat woman, who’s only cause for living and voting is for abortion rights.
Taking in to effect taxes are also related to income Maine is up s,,t creek.
We must be number one per dollar earned
South Portland is looking at hiking property taxes another 6.1%.
They “made an accounting error” of $4 million.
They have to support the illegals or lose any federal funds, only because they’re in the city.
They can tell them to go.
The school department is asking for over 5% budget hike.
Our schools used to be in the top 10 of the state and they are now in the bottom third.
Why are we paying to brainwash kids with DEI (Didn’t Earn It) instead of teaching them so they can be productive members of society who don’t live off taxpayer money?
The whole state is crazy.
We are talking about leaving the state in 3 1/2 yrs after my husband retires.
As it is our taxes are costing up about $400 mo.
Can’t afford that with the future tax hikes.
sandy feet, there was a report in PPH last year stating that illegals get about $65,000 yr in freebies.
The avg income in ME is $58,000. Household income is about $83k