Saturday, February 4, 2012

The States Doing The Most (and Least) To Spread The Wealth - 24/7 Wall St.

The States Doing The Most (and Least) To Spread The Wealth - 24/7 Wall St.:

24/7 Wall St. examined government spending by state in a number of categories to identify those that give the most and least in money and benefits to their residents. Our analysis has found that states that provide the most services and benefits have high income inequality. In order to finance these programs, the states that offer the most to their residents also have among the highest tax burdens in the country. While all income levels benefit from government assistance, the poor and the dispossessed benefit the most, in the form of welfare, medicare, and unemployment insurance.

Tax burden refers to the average amount a person pays in taxes as a percentage of his or her income. The Tax Foundation calculates each state’s tax burden by taking the total amount paid by the state’s residents in taxes, and dividing it by the total income of the state’s residents. Eight of the ten states that are most generous are among the top fifteen states with the highest tax burdens. New York, New Jersey, and Connecticut are all included on the list and also fill the top three slots for largest tax burdens in the country.

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