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Tuesday, April 15, 2014
Kiplinger: Hawaii 5th-Least Tax-Friendly State
By Selected News Articles @ 6:16 PM :: 3737 Views :: Taxes

Kiplinger: 10 Least Tax-Friendly States in US

From Kiplinger Report, April 15, 2014 (excerpt)

Here is our list of the ten least tax-friendly states. All levy above-average property taxes. Income taxes are high in these states, too. And depending on where you live, you could pay up to 10% in combined state and local sales taxes. Making matters worse, some of these states also have the highest gas prices in the U.S., in part because they charge above-average fuel taxes and fees....

5. Hawaii

  • State income tax: 1.4%-11%
  • State sales tax: 4%
  • Gas taxes and fees: $0.50 per gallon (varies by county)

The Aloha State is known for its high cost of living. High income tax rates are part of the reason. The top rate of 11% applies to taxable income of $300,000 for individual filers and $400,000 for married couples.

Prescription drugs are exempt from the state’s 4% sales tax, but just about everything else is taxed, including services. Vehicles are subject to the state sales tax, even if they’re purchased on the mainland. Residents also pay annual taxes on their vehicle’s weight to both state and county.

There is one ray of sunshine: While property values are high, property taxes as a percentage of home value are low. The median property tax on the state's median home value of $517,600 is $1,324, according to the Tax Foundation.

Read ... 10 Least Tax Friendly States


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