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Most & Least Taxing States 2012

By Bloomberg BNA - 2012-04-13T16:45:59Z

Photograph by Daniel Acker/Bloomberg

Company Symbol % Change
33 of 53

New York

Income tax: 6.85% (8.82% on income over $1 million)
State sales tax: 4%
Property tax per capita: $2,009
Inheritance tax: None
Estate tax: 0.8% to 16% with a $1 million exemption

New York concluded 2011 by opting not to phase out its top tax rate on millionaires. Instead of seeing their top tax rate of 8.97 percent drop to 6.85 percent, millionaires are subject to a reduced top tax rate of 8.82 percent, beginning in 2012. Income tax rates were lowered for taxpayers in other brackets as well. Married couples with $250,000 in annual income are subject to a top tax rate of 6.65 percent starting in 2012, down from 6.85 percent. An oft-suggested, ever-controversial stock transfer tax seems to be off the table, according to Bloomberg BNA.