Astonishing Amount High Earners in Binghamton Pay in Taxes Each Year

We all know that taxes play a big part when it comes to our finances. It really can impact the higher income residents in New York.

Get our free mobile app

A recent report shows the locations in the United States where high earners pay the most in taxes, the results are in and it's pretty interesting, especially when it comes to Binghamton.

The report analyzed the total amount of state and local taxes that were paid by households that made more than $200,000 per year. The calculated taxes included income, sales, real estate, and personal property taxes. They ranked the locations by how much high-income residents pay out in taxes.

No surprise that high-tax states like New York, California, and Connecticut topped the list. These states not only have high costs of living, but they also have tax their residents more. The report also mentioned that inflation and real estate prices have made living in these three high-tax states even more expensive. No kidding!

The higher earners in these state have new limits put on them for state and local tax deductions. Those limits have made the tax liability higher for people who make more. On the other hand, Florida, Texas, and some of the other states with no personal income tax have lower tax burdens for high earners.

So how is this effecting the people in Binghamton? The people of Parlor City that make an around of $417,711 per year, pay an about $12,015 in taxes every year. That is nearly 3% of their  income.

To the average person it might seem like that is a high amount but actually this is less than the national average tax for high-income households, which is $23,211 per year. If you want to find out more, you can do that here.

Whether your a high or low earner, it's not a bad idea to talk to a financial advisor or tax professional. Especially if you're having trouble understanding your own tax situation.  They can give advice to you based on your needs and help you make decisions that are best for you and your family.