States where Americans pay the least (and most) in taxes
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Title : States where Americans pay the least (and most) in taxes
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You are now reading the article States where Americans pay the least (and most) in taxes With link address https://newstoday-ok.blogspot.com/2018/02/states-where-americans-pay-least-and.html
Title : States where Americans pay the least (and most) in taxes
link : States where Americans pay the least (and most) in taxes
news-today.world | In the U.S. federalist system, each state government decides how to generate revenue — that is, which taxes to collect, and how. No state tax code is identical and, largely as a result, what the average American pays annually in taxes varies from state to state.
24/7 Wall Street reviewed the tax burden of residents in each state — the portion of income that goes to state and local governments’ taxes — from the report, “Facts & Figures 2017: How Does Your State Compare?” provided by tax policy research organization Tax Foundation. These tax burdens do not include the federal taxes paid by all Americans, regardless of state.
According to the report, tax burdens in the 2012 tax season were as low as 6.5% in Alaska and as high as 12.7% in New York.
In addition to federal, state, and local taxes, Americans pay taxes to other states. Out-of-state visitors pay sales taxes as tourists, investors pay capital gains taxes on investments in other states, and drivers filling up at gas stations in other states pay those states’ excise taxes. For this reason, the tax burden is not always a perfect reflection of taxes collected.
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24/7 Wall Street reviewed the tax burden of residents in each state — the portion of income that goes to state and local governments’ taxes — from the report, “Facts & Figures 2017: How Does Your State Compare?” provided by tax policy research organization Tax Foundation. These tax burdens do not include the federal taxes paid by all Americans, regardless of state.
According to the report, tax burdens in the 2012 tax season were as low as 6.5% in Alaska and as high as 12.7% in New York.
In addition to federal, state, and local taxes, Americans pay taxes to other states. Out-of-state visitors pay sales taxes as tourists, investors pay capital gains taxes on investments in other states, and drivers filling up at gas stations in other states pay those states’ excise taxes. For this reason, the tax burden is not always a perfect reflection of taxes collected.
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You are now reading the article States where Americans pay the least (and most) in taxes With link address https://newstoday-ok.blogspot.com/2018/02/states-where-americans-pay-least-and.html