2018’s States Most Affected by Tax Reform
From Wallet Hub, Mar 28, 2018
President Donald Trump signed sweeping tax code changes into law in 2017, leaving Republicans excited and Democrats less than thrilled. Trump and his supporters see the new code as a win for both businesses and individuals. It lowers the corporate income tax from 35 to 21 percent, and is projected to increase overall after-tax income in every quintile of taxpayers.
Some people aren’t confident that the new rates will be beneficial for all, though. For example, according to WalletHub’s Tax Survey, 69 percent of consumers say that they believe the new tax reform will benefit corporations more than consumers, and 67 percent believe it will favor the rich over the middle class.
While the changes to the tax law won’t affect most Americans’ 2018 filings for the 2017 fiscal year, 2019 will be a much different story. Citizens of certain states will benefit more than others, too. In order to find out where taxpayers will get the best breaks, WalletHub compared the 50 states and the District of Columbia based on the state-specific average tax change for low, middle and high-income families….
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Overall States Most Affected by Tax Reform
- 17 -- Overall Rank
- 27 – ‘Low-Income Families’ Rank
- 10 -- ‘Middle-Income Families’ Rank
- 26 -- ‘High-Income Families’ Rank