New York Tops all States in 2018 Tax Burden – WalletHub Study

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New York Tops all States in 2018 Tax Burden – WalletHub Study

 

 

With Tax Day fast approaching and a new tax code recently signed into law by President Trump, the personal-finance website WalletHub today released its 2018 Tax Burden by State report along with its 2018 Tax Facts infographic.

In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.

Highest Tax Burdens (%) Lowest Tax Burdens (%)
1. New York (13.04%) 41. Virginia (7.77%)
2. Hawaii (11.57%) 42. Montana (7.64%)
3. Maine (11.02%) 43. Alabama (7.24%)
4. Vermont (10.94%) 44. South Dakota (7.22%)
5. Minnesota (10.37%) 45. Oklahoma (7.17%)
6. Connecticut (10.19%) 46. New Hampshire (7.07%)
7. Rhode Island (10.14%) 47. Florida (6.64%)
8. Illinois (10.08%) 48. Tennessee (6.47%)
9. New Jersey (10.02%) 49. Delaware (5.68%)
10. California (9.57%) 50. Alaska (4.94%)

Key Stats – Tax Facts Infographic

  • Americans spend 8.1 billion hours doing taxes each year. The average person spends 15 hours and $270 completing his or her 1040.
  • 7 in 10 taxpayers get a federal tax refund. The average refund in 2018 is $2,925, as of 3/23/2018.
  • Nearly one-third of people (30%) say their biggest Tax Day fear is making a math mistake on their taxes, topping not having enough money (29%), identity theft (25%) and getting audited (16%).
  • 22% of Americans would switch political parties for a tax-free future. 37% would move to a different country and 24% would get an “IRS” tattoo.
  • 51% of people would rather do jury duty than their taxes. 1 in 5 would prefer talking to their kids about sex. More than 10% would swim with sharks, spend the night in jail and drink expired milk.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/

 

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