Top 5 States by Tax Revenue to GDP Ratio in the US

1. New Mexico

Total Tax Revenue (2023): $14.27 Billion

GDP (2023): $130.2 Billion

Tax-to-GDP Ratio (2023): 10.96

New Mexico has a sales tax of 4.88% and one of the highest average local sales tax of 2.74%. The state imposes graduated individual and corporate income taxes, ranging from 1.70% to 5.90% and 4.80% to 5.90%, respectively. The state government of New Mexico has a 0.67% tax on property. With a total tax collection of over $14 billion and a GDP of $130.2 billion, New Mexico ranks first among the top 20 states by tax revenue to GDP ratio in the US.

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