« Just How Much Blood is in that Turnip? | Main | More Joy from Unaccountable Government? »

Higher State & Local Taxes, but are You Living Better

Yesterday, we growled about the County Manager’s proposed FY 2008 budget. Now we learn the Tax Foundation on Wednesday released its latest report on the burden of state and local taxes. The report’s executive summary began:

“State and local taxes will consume a record-setting 11 percent of the nation's income in 2007. Since 1986, the state-local tax burden had never fallen below 10 percent or risen above 10.9 percent.”

The highest state and local tax burdens are borne by Vermont (14.1%), Maine (14.0%), and New York (13.8%), according to the accompanying press release. Guess we’ll have to stop using Taxachusetts when referring to a particular New England state.

Are you wondering where Virginia was ranked by the Tax Foundation? The Commonwealth’s tax burden for state and local taxes has increased from 9.0% in 1970 (ranked 35th) to 10.2% in 2007 (ranked 33rd). At the same time, the nationwide average increased from 10.0% to 11.0%. The bottom line is that Virginian’s burden increased by 13.3% while the nationwide average tax burden increased by 10%.

Are you living better? We report, you decide!

TrackBack

TrackBack URL for this entry:
http://www.acta.us/growls-mt/mt-tb.fcgi/423