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A new report on the best and worst states for taxes may prompt some to start packing.
The study by Forbes, using data from the Tax Foundation, reported tax rankings of each state which included income, property, and sales tax, and special taxes like real estate transfer taxes, personal property taxes on some vehicles, and special tax district fees.
New York won the dubious honor of ranking dead last, with the highest tax burden of 12.60 percent. Neighboring New Jersey and Connecticut followed, doing only slightly better.
In the top 10, Nevada with no state income tax, came in at number eight, and Texas – also without the state tax – ranked number four in the nation. New Hampshire and Tennessee, which have no income tax but do tax on interest and dividends, ranked in the top 10 as well.
Looking to settle in the country’s most tax-friendly state? According to the Forbes study, Wyoming is the winner with a state and local tax burden of 6.90 percent. The state has no income tax and sports a per capita income of $50,805.
As an alternative, Alaska came in second with a 7 percent tax burden and South Dakota, with 7.10 percent, earned the number three position. Both states also have no income tax.
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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