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Have you ever wondered what it takes to be in the top 1%? Depending on your state, it might be easier than you think.
Here are the 12 US states where you need to earn the most to be considered a one-percenter.
1. Connecticut $952,902
Connecticut is known as the “Constitution State” due to its rich history. In addition, living in Connecticut as a top 1% earner will cost you a 28.4% effective tax rate.
2. Massachusetts $903,401
With its famous city of Boston, you’d pay a 27.15% effective tax rate in Massachusetts.
3. California $844,266
This sunny state is known to most and would cost the top 1% of earners a 26.95% effective tax rate.
4. New Jersey $817,346
Known for bagels and pizza, NJ carries a 28.01% effective tax rate.
5. Washington $804,853
As a top 1% earner, you’d pay a 25.99% effective tax rate.
6. New York $776,662
Be prepared to pay a 28.29% effective tax rate as a top 1% earner.
7. Colorado $709,092
Colorado has a 25.86% effective tax rate.
8. Florida $694,987
This “Sunshine” state carries a 25.82% effective tax rate.
9. Illinois $660,810
Located in the Midwestern region of the United States, Illinois has a 26.35% effective tax rate.
10. New Hampshire $659,037
The state is known for its numerous lakes and rivers, with an effective tax rate of 26.25%.
11. Wyoming $656,118
Located in the western United States, Wyoming is bordered by Montana to the north and South Dakota and Nebraska to the east. It carries an effective tax rate of 24.79%.
12. Virginia $643,848
Virginia is often referred to as the “Old Dominion” due to its historical significance. As a top earner, you’d pay an effective tax rate of 26.11%.
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