Jun 30, 2022
Americans over 55 do not have any savings for retirement, according to a recent survey conducted by the United States Government Accountability Office (GAO). What many people in the United States already know to be true is supported by several other research and surveys: most of us are not financially prepared for retirement. Some individuals may think of migrating to another country where the cost of living is lower and they have access to healthcare that is cheaper.
The overall cost of living in the United States is expensive States in the state of New York. According to the most recent data from The Tax Foundation, a private organization that researches tax policy, the total tax burden for the state in 2019 is 12.97 percent, which is significantly higher than the national average of 9.9 percent and is the highest in the country.
According to the cost of living index, Connecticut is the fifth most expensive state. Its tax load in 2012, which was 12.6 percent, ranks as the second-highest in the country, and taxpayers pay a total of $7,869 per person in state and municipal taxes. Property tax receipts equal around $2,726 per person, placing them in second place among all states in the US. Except for taxpayers who have a federal adjusted gross income of less than $50,000 or less than $60,000 if they are married and filing jointly.
California has the country's second-highest cost of living and the sixth-highest tax rates. The maximum rate that may be applied to an individual taxpayer's income is 13.3 percent, the highest rate that can be applied across all states with an individual income tax. Taxpayers in this state spend an average of $5,237 per person in state and local taxes, making it the sixth most tax burdensome state in the US in 2012.
Property taxes account for about $1,365 collected by state and municipal governments from each individual. The total rate in special city/county taxation districts may be as high as 9.75 percent, which is more than any of the other states listed here. The state sales tax is 7.25 percent, making it the most among the states listed here.
The state of New Jersey has the third-highest tax rate and the eighth highest cost of living in the United States. The tax burden for the state in 2012 was 12.2 percent, while the average amount of state and local taxes paid by residents was $6,926 per person. Property tax receipts average $2,989 per resident, making this state number one in the country in that category.
Even though it reduced its top income tax rate from 9.9 percent to 5.99 percent in 2011, Rhode Island still has the 10th highest cost of living in the US and the 8th highest tax rate. The combined state and municipal tax burden for residents were $4,998 per person in 2012, contributing to the state's overall tax burden of 10.8 percent. The sixth-highest property tax burden in the country comes in at around $2,282 per person. Railroad Retirement payments and Social Security benefits are not subject to taxation if they are less than the appropriate threshold.