When you become rich, you start having rich people problems. 🤑 You know, like having to decide which velvet loafers to wear or which Rolls Royce you’re going to take to the country club. 🏌️👞 Man, that all sounds really…bad?
Speaking of rich people problems, those schmucks pay taxes just like the rest of us. Well, they *should* anyway. We don’t speak for crooks! 🙅
Here’s Five Fast Facts on what Ohio’s top 1% pays in taxes:
- 💰 Richie Rich - What’s tax life like at the top? In the United States, the top 1% of earners in the United States pay 45% of total personal income taxes. In Ohio, the top 1% contributed almost $22B in tax dollars in 2021.
- 📊 Rank and File - The Buckeye State is ranked 12th in the country for tax dollars collected by their 1%. The tax rate on this group of rich folks is 25.4%. That ties Ohio with North Carolina and Tennessee for 10th in the country.
- 😎 Average Joe - The average Ohio taxpayer has an income tax rate of 12.8%, one of the lower rates compared to other states. In Ohio, the top 1% contributes 39.1% of the state’s total income tax.
- 🏘️ Props To You - What about property taxes? Ohio homeowners pay higher property tax rates than the national average but lower than a lot of their Midwestern neighbors. The average effective property tax rate in Ohio is 1.41%. The highest rates are in Cuyahoga County (2.51%) and the lowest are in Lawrence County (0.86%).
- 💲 Billionaire Boys Club - Which states’ 1% pay the most in the nation? Here’s the top five: California: $165B, New York: $99.1B, Florida: $91.9B, Texas: $81.4B, Illinois: $40.2B.
🔥Bottom line: Hate on the 1% all you want, but they do bring in some serious bacon. Ever wonder how a rich person would tell you to spend your money? We’ve rounded up their opinions in this article!
Do you think the 1% pays their fair share?
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