73°Mostly Cloudy

Arlington Has the Highest-Earning Millennials in the U.S.

by ARLnow.com February 19, 2016 at 10:35 am 0

Millennials and taxes (image via SmartAsset.com)Arlington County has the highest-earning Millennials in the U.S.

That’s according to the website SmartAsset, which says that 18-to-34-year-olds in Arlington have a median income of $61,620, the highest in the country.

The bad news is that Millennials in Arlington, by virtue of their high earnings, pay the second-highest taxes of any locality in the U.S. The average person age 18-34 in Arlington pays 26.36 percent of their income as taxes, SmartAsset roughly estimates.

San Francisco is No. 1 on the last, paying 26.84 percent in taxes, while D.C., New York City and Baltimore round out the top five.

From SmartAsset:

The country’s wealthiest millennials live in Arlington. The median income among 18-to-34-year-olds in Arlington is $61,620, highest in the country. That means they also pay the highest federal income taxes. While the state income tax in Virginia is not quite as high as that of California, most taxpayers still pay a top marginal rate of 5.75%. For a millennial in Arlington earning median income, that adds up to over $3,040 in state taxes.

×

Subscribe to our mailing list