Tuesday, May 24, 2016

Forbes ranks Tennesee #6 in best state for low tax burden ranking.

Forbes magazine has analyzed the fifty states and ranked them from 1 to 50 as the best to worst states for tax burden. Forbes not only included income taxes but property tax, sales tax, special taxes like real estate transfer, personal property taxes on some vehicles, and special tax district fees. They used a family income of $50,000 as the standard. Of course, if you make more or less than that then the ranking for your situation might be slightly different. Also, property taxes can vary considerably for those who pay only county property taxes and live in a low-tax county, compared to those who must pay city and county property taxes and live in a high-tax city. Nevertheless, as a means of comparison this is useful. 

The highest tax burden state is New York with a state and local tax burden of 12.6%. The state with the least tax burden is Wyoming with a state and local tax burden of 6.9%. Tennessee is ranked number 6 with a State and local tax burden of 7.6%. Other states ranked higher than Tennessee and their tax burden are these: #5 Louisiana, 7.6%; # 4 Texas, 7.5%;  #3 South Dakota, 7.1: and  #2 Alaska, 7.00%. For the complete list see Best and Worst States For Taxes.

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