Posted on 04/12/2017 3:35:01 PM PDT by RC one
Tax season can be stressful for many Americans, especially those who owe money to Uncle Sam. Every year, the average U.S. household pays more than $5,700 in federal income taxes, according to the Bureau of Labor Statistics. And while we’re all faced with that same obligation, there is significant disparity when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states to meet their civic burden.
As this year’s tax-filing deadline, April 18, looms closer, it’s fair to wonder which states have the most and least burdensome tax rates. WalletHub’s analysts searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology.
(Excerpt) Read more at wallethub.com ...
The “effective real estate tax rate” is misleading.
The rate stated for Arizona would result in my property tax bill being approximately three times higher on both of my properties. My bills are less than 1% of market value.
I think that county assessors “fudge” the results be shaving the assessed value.
This isn’t income tax rate only real estate taxes
Big break coming for New Jersey retirees in steps over four years - by 2020 they’ll be able to exclude up to $100,000.00 in pension payments for purposes of computing their state income tax - the amount now is only $20,000.00. - of course there is an upper limit in earnings on that, so that anyone whose total earnings go over $100,000.00 per year loses the whole deduction, and the New Jersey legislature , being somewhat limited as they are, forgot to raise that limit as part of the bill - so by 2020 anyone making up to l00k in pensions can deduct it for tax purposes, except if they make one dollar more than 100k, like say a bit of interest on a CD or savings account, in whih case they get no deduction whatsoever - how’s that for getting screwed.....
ILLINOIS is #51. Little surprise for a state that has voted to legalize evil.
Explains why there are so many Texas and Oklahoma tags on cars belonging to Kansas residents.
actually, all retirement income (ss, ira/401k withdrawals, and pensions) is exempt from state income tax ... i'ts about my only reason for sticking around
This is wrong. I live in Wisconsin and Illinois. I can tell you that Illinois has much higher taxes for a person making $56,000. No contest. Wisconsin has the same property taxes, half the sales tax. No tax on food. This is just plain wrong.
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