By FOX BUSINESS NEW YORK — With Wall Street at a $1.1 trillion market cap, a lot of people think that Wall Street is an institution that’s driven by greed.
But there’s a lot more to Wall Street than that.
Here are a few key takeaways from the latest WSJ/NBC News/Marist poll:The top state with the least tax revenue in the country is New Jersey, where the state’s corporate tax rate of 3.9 percent is the third-lowest in the nation.
Its tax base is smaller than Florida’s, which has a corporate tax of 10.9% and New York’s is the second-lowered in the United States, according to the nonpartisan Tax Foundation.
The state’s high state income tax rate is the largest in the U.S. (3.9%) and it’s the fourth-largest in the world.
This makes it one of the most tax-hiking states in the union, according, in part, to the fact that many Americans live in New Jersey and its close proximity to New York City.
In the New York metropolitan area, the median household income is $81,400, and the state has the sixth-highest income tax rates among the 50 states and the District of Columbia, according the Tax Foundation analysis.
This is a state with some of the highest income inequality in the US.
While New Jersey ranks at the top of the country for median household incomes, the state also has the third highest income tax burden in the state, according a recent study by the Economic Policy Institute.
And this is a large portion of the income pie, as New Jersey residents in general have higher incomes than the general population, according their report.
The top 10 states with the highest state income taxes are Arizona ($36,856), Texas ($35,094), Utah ($33,931), Colorado ($31,939), Alaska ($30,098), Kentucky ($30 of $29,973), Montana ($29,788), Nevada ($28,917), Florida ($27,813), California ($26,732), Massachusetts ($26 of $25,836), Illinois ($25,935), New Jersey ($25 of $22,542), Vermont ($24 of $23,818), and North Dakota ($23 of $24,092).
The second-highest tax burden is in Wyoming ($15,848), followed by North Dakota, Louisiana, Kansas, Kentucky, and North Carolina.
The top tax rates for those five states are 12.2%, 13.1%, 16.9%, 18.9, and 23.8%, according to a 2016 study by Tax Foundation, and they’re higher than those of California, New Jersey (12.4%), New York (12%), Florida (13.2%), and Texas (13%), the foundation noted.
A state with a lower corporate tax than New Jersey is Hawaii ($1,056), followed closely by Alaska ($1.2), Massachusetts, New York, Washington, and Colorado.
The lowest corporate tax rates in the study were in Mississippi ($8,898), South Carolina ($7,927), and Montana ($6,904), according to Tax Foundation’s analysis.
States with the second highest tax burden, with the lowest corporate taxes, are New York ($11,569), Delaware ($10,624), Rhode Island ($9,932), New Hampshire ($8-9,999), Virginia ($9-10,999) and Florida ($9-$10,000).
States with lowest corporate income taxes in the survey are Connecticut ($9.6), Maine ($9), New York State ($9) and Maryland ($9).
States that have the third lowest tax burden are Vermont ($4.9), Texas, Oklahoma ($4-5.5), Delaware, Georgia, and Illinois ($5-6.5).