FILE – Tax return with Refund Check and W-2 Wage statement.(Getty Images)
\n\nA recent study found the average amount of taxes Americans will pay over their lifetime.
\n\nSelf, a credit monitoring app, found that Americans will pay $762,272 in taxes in their lifetime, which accounts for about one-third of their estimated lifetime earnings, which averages at about $2,266,605.
\n\nThe majority of taxes goes toward paying income taxes, followed by property taxes, then personal daily expenditures, and car ownership, according to Self.
\n\nTax burdens vary dramatically depending on where a person lives.
\n\nResidents in New Jersey face the highest overall lifetime tax burden at $1,359,406 (48.2% of their lifetime earnings), followed by Massachusetts, Connecticut, New Hampshire, and New York.
\n\nConversely, residents in Florida pay the lowest overall dollar amount in lifetime taxes at 508,980 (25.5% of lifetime earnings),while residents in Wyoming pay the lowest proportion of their lifetime earnings toward taxes at 24.8% (546,617).
\n\nCompared to the previous iteration of the study conducted in 2024, the average lifetime tax figure rose significantly from $524,625 to $762,272.
\n\nThis increase was primarily driven by higher projected lifetime earnings, which nearly doubled the estimated income tax paid.
\n\nWhile lifetime income tax estimates rose by…
Original source: https://www.livenowfox.com/money
