Think You Pay A Lot In Taxes, CT? You Pay Even More

The tax burden for Connecticut residents is big, which is no secret. But do you know how much? So much that Connecticut residents pay the second highest amount in taxes - behind only New York - according to a new ranking by the financial website 24/7 Wall St.

Connecticut residents paid 12.6 percent in taxes as a percentage of their income, the report states, while New Yorkers pay 12.7 percent, and third place New Jersey paid 12.2 percent.

Per capita, Connecticut residents pay $2,279 in income taxes, the highest amount in the nation, $2,774 in property taxes per capita, the third highest amount.

Keep that in mind as you pay your taxes this year, particularly in relation to the Trump tax cuts, which are expected to hit Connecticut residents hard.

To come up with its ranking, 24/7 Wall St. crunched data from the Tax Foundation, the U.S. Bureau of Economic Analysis and other sources. Click here to read the full methodology.

"While most states tend to collect income, property, and sales taxes among several others, not all states collect all taxes and not at the same rate. High tax burden states collect more taxes and at higher rates, while lower burden states collect less taxes and at lower rates," writes 24/7 Wall St.'s Evan Comen and Thomas C. Frohlich.

"For example, in the 10 highest burden states, individual income tax collections per capita in fiscal 2015 exceeded the national average of $967," the report continues. "By contrast, five of the 10 states with the lowest tax burden collect no income tax. Similarly, property taxes tend to exceed the national average in high burden states, while they tend to be lower in states at the other end of the tax burden spectrum."

On the other end of the spectrum, the top three states with the lowest tax burdens are Alaska (6.5 percent of Alaskans' income goes toward taxes), followed by Wyoming (7.1 percent) and South Dakota (also 7.1 percent, but Wyoming residents' incomes are a little higher).

To view the complete list of States Where Americans Are Paying the Most Taxes, click here.

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