2018’s Tax Burden by State
From WalletHub, Apr 9, 2018
On April 17, Uncle Sam will once again take his cut of the past year’s earnings. And many taxpayers are already wondering how that will affect their finances. However, since the tax code is so complicated and has rules based on individual household characteristics, it’s hard for the average person to tell. And with a new tax code recently signed into law, next year’s taxes will be quite different.
One simple ratio known as the “tax burden” helps cut through the confusion. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes. And it isn’t uniform across the U.S., either.
To determine the residents with the biggest tax burdens, WalletHub compared the 50 states across the three tax types of state tax burdens — property taxes, individual income taxes and sales and excise taxes — as a share of total personal income in the state….
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PBN: Hawaii residents suffer one of the highest tax burdens in the country
||Total Tax Burden
||Property Tax Burden
||Individual Income Tax Burden
||Total Sales & Excise Tax Burden
||Total Sales & Excise Tax as % of Personal Income