Where Did Maine Rank In the List of 10 Least Tax-Friendly States?
Maine is a nice place to live but it sure isn't cheap, especially when it comes to the amount of taxes we pay. Maine ranks in the top 10 least-tax friendly states in the country.
According to a list from Kiplinger, Maine came in 7th in the country for least tax-friendly states. A key to getting us that 'honor' is we have a tax rate on the low end of 5.8% which is higher than other states top rate. 5.8% of income is taxed by Maine for those individuals who make up to $21,050 or $42,100 for joint tax filers. That's a tough pill to swallow, especially as you fill out your tax forms for the April 15 deadline. Let's not even talk about the excise tax on your vehicle.
The least tax friendly state out of the bunch is California thanks to a top rate of 13.3% for those that make over a million dollars. It's tough to feel sorry for them though when the median income of the state was the third highest in the country in 2014 at $67,458 compared to Maine's $46,033 and 32nd rank.
If there's any good news out of all of this, Maine's tax rate has come down on the top side with the highest rate down last year from 7.95% to 7.15%. Baby steps I suppose.