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|April 21, 2019|
Who bears the highest ‘tax burden’?
SOUTHLAND – (INT) – For the first time, California taxpayers are feeling the impact of the new federal tax code as the April 15th tax filing deadline approaches.
2018’s taxes are quite different than the prior year.
WalletHub wanted to apply one simple ratio known as the ‘tax burden’ to help 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.
WalletHub compared three tax types of state tax burdens — property taxes, individual income taxes and sales and excise taxes — as a share of total personal income. California ran the gamut when compared to other states.
California ranked eleventh highest in total ‘tax burden’ and 5th highest in individual ‘tax burden’. But, the state was 30th in property tax burden and sales and excise state tax burden.
Residents of New York and Hawaii were saddled with the highest overall ‘tax burden’. Alaska and Delaware were the least.
More at https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/
Story Date: April 19, 2019