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Thursday, February 29, 2024
Hawaii Worst State to Be Middle Income from a Tax Perspective
By Selected News Articles @ 1:15 PM :: 1609 Views :: Hawaii Statistics, Taxes
Income Level Sales & Excise Tax as % of Income Property Tax as % of Income Income Tax as % of Income Total Tax as % of Income
Low 8.59% 3.29% 1.86% 13.74%
Middle 7.55% 2.36% 3.71% 13.62%
High 4.27% 2.48% 5.33% 12.08%

 

Hawaii Worst State to Be Middle Income from a Tax Perspective

Wallet Hub, Feb 29, 2024

It’s tax season, and Uncle Sam is back to collect what’s due. Some Americans are hit harder by taxes than others, though. Many taxes — including property taxes, sales taxes, and some state and local taxes, are regressive. That means they take more money out of the pockets of Americans in the lower- and middle-income brackets than from wealthier families. Nationally, people in the least-wealthy fifth of the population pay around 11.4% of their income in state taxes, while the richest one-percenters pay 7.2%.

With less than a month until the tax deadline for most Americans, WalletHub identified the best states where people in different income brackets spend the most and least on sales and excise taxes, property taxes and income taxes. It’s important to note that our analysis does not focus on tax rates but rather on the share of a resident’s income that they contribute toward various tax obligations. For instance, tax rates may be lower in one state, but because of a comparatively higher cost of living, the actual tax burden may be higher for that state’s residents.

Tax Burden in Hawaii (1=Best, 25 =Avg.):

49th – Low-Income Earners (13.74% of Income)
51st – Middle-Income Earners (13.62% of Income)
50rd – High-Income Earners (12.08% of Income)

read … Full Report

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