Iowans pay 19th-highest lifetime taxes, data says
(The Center Square) – Iowans, on average, pay roughly $566,352 of taxes in their lifetime, ranking the state 19th in the nation according to a study conducted by financial technology company Self.
The Self study pulled data from the Bureau of Labor Statistics, the Tax Foundation, the Hamilton Project, World Population Review, and StatsAmerica.
The top highest-taxed lifetime states are
New Jersey: $931,698 (49.51% of earnings as taxes)Rhode Island: $766,521 (46.73% of earnings as taxes)New Hampshire: $778,837 (45.99% of earnings as taxes)
The data found the average American pays $525,037 in lifetime taxes or an average of 34.3% of all lifetime earnings.
The lowest-taxed lifetime states are:
Alabama: $322,419 (24.48% of earnings as taxes)Louisiana: $339,910 (24.54% of earnings as taxesWest Virginia: $321,023 (25.13%)
Tax on earnings is where most tax derives, with the average American paying $339,173 in a lifetime.
Owning a car will cost an additional $29,521 in tax payments alone.
Tax on property will set homeowners back an additional $128,581 above the property price and maintenance.
The study excludes inheritance tax and marriage, and included tax breaks, and assumes a 36-year worklife to analyze income tax estimates.
By comparison, Iowa lifetime taxes on earnings ($394,165) fall beneath the national average by approximately $130,872. Car payment lifetime taxes totaled $29,828, while lifetime property taxes reached $114,270.
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