Best and Worst States for Income in 2008
Connecticut is the Best State for Per Capita Income in 2008 with an average of $63,160. It is followed by Massachusetts, New Jersey, New York and Wyoming.
The Worst State for Income is Mississippi with an average income of $31,836. The next Worst States are West Virginia, Arkansas, Kentucky and South Carolina.
Higher income does not necessarily correlate to better lifestyle. Connecticut, for example, is the Worst State for Taxes with the highest tax burden in the country. Generally the highest income states have the highest tax burdens and higher cost of living index. See: Cost of Living by State
You could spend a lot more for the same house and have a lot less disposable income to enjoy life
|State||Income Per Capita||Rank|
|Note: See table 38 for average people per household by state.|
|Source: Tax Foundation Special Report, No. 163, “State-Local Tax Burdens Dip as Income Growth Outpaces Tax Growth.” The income measure used adds the following to Bureau of Economic Analysis’s personal income measure: capital gains realizations, pension and life insurance distributions, corporate income taxes paid, and taxes on production and imports less subsidies. It subtracts from personal income the fungible portion of Medicare and Medicaid, estimated Medicare benefits that are provided via supplementary contributions, initial contributions to pension income and life insurance from employers, and the annual investment income of life insurance carriers and pensions that is included in personal income.|