20 US States Where People Will Pay The Most Taxes in 2024

1. California

State Tax Burden: 22.40%

Income Tax: 14.40%

Sales Tax: 7.25%

Property Tax: 0.75%

California has the highest top individual income tax rate of 14.40%, while the lowest income tax rate is 1%. California has almost nine income tax brackets which implies a progressive tax structure. Incomes ranging between $0 and $10,412 are imposed 1% income tax. Individuals with income equal to $698,272 or more are imposed with an income tax rate of 12.30%. Similarly, married couples filing jointly whose income is equal to $1,396,542 or more are taxed 12.30%.

California has a state sales tax of 7.25%. The state has a local sales tax of up to 1.6%, which takes the combined state and local sales tax rate to 8.85%. With a total tax burden of 22.40%, California is the top US state where people will pay the most taxes in 2024.

At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.