Here are the highest and lowest state and local tax rates

Personal Finance


Taxpayers in states like California and Connecticut certainly have a lot to complain about when it comes to their tax bill, yet residents of Illinois are shouldering a bigger burden.

With the Tax Cuts and Jobs Act, the GOP’s new tax code, capping taxpayers’ deductions on their property, state and local income taxes (also known as SALT) at $10,000, the result will likely be bigger tax bills for residents of certain states, including California, Connecticut, New Jersey and New York.

But that’s not the whole picture.

Personal finance site WalletHub compared state and local tax rates in all 50 states and the District of Columbia — looking at real estate taxes, income taxes, vehicle property taxes, and sales and excise taxes to identify the places with the highest and lowest tax rates overall.

Taxpayers in the most tax-expensive states, which include Illinois, Connecticut and Nebraska, pay three times more than those in the cheapest states, like Alaska.

Here’s a look at the country as a whole:



Source link

Products You May Like

Articles You May Like

Maxed out your 401(k) plan? Here’s another way to save
UBS Group CEO Sergio Ermotti worries Trump-China trade war threats
Financial World’s A-List Could Take Hollywood’s Cue on Inclusion
In a trade war with China, US chipmakers could be the biggest casualties
How to play rising interest rates based on your age

Leave a Reply

Your email address will not be published. Required fields are marked *