State Tax Burden’s

How do you feel about the state in which you’re living? No – I’m not talking about states of confusion or shock, I’m talking about your residence. We Florida residents take a lot of flack about Florida Man 🐊, but there are many reasons to love this state. One is the low overall tax burden.

A recent study by WalletHub has ranked the 50 states by their tax burden, shedding light on the most and least tax-friendly destinations. The analysis compares total tax burden (property tax + individual income tax + total sales & excise tax)  as a percentage of total personal income. 🧮

Here’s a summary of the top 5 and bottom 5 states:

Top 5 States with the Lowest Tax Burden:

1️⃣ Alaska: Lots of snow and 4.93% Total Tax Burden (TTB) ☃️
2️⃣ New Hampshire: 5.63% TTB
3️⃣ Wyoming: The Dutton’s love that 5.7% TTB 🤠
4️⃣ Florida: Sunshine, beaches & 6.05% TTB 😎
5️⃣ Tennessee: Ol’ Rocky Top has 6.07% TTB

Bottom 5 States with the Highest Tax Burden:

1️⃣ New York: No comment – 12.02% TTB
2️⃣ Hawaii: overall TTB 11.8% 🏄🏻‍♂️
3️⃣ Vermont: Maple syrup and an 11.12% TTB 🥞
4️⃣ Maine: 10.74% TTB
5️⃣ California: See NY; 10.4% TTB (Honestly can’t believe it’s this low) 🐻

Since it’s filing season, everyone will be or has been discussing taxes. So when I saw this study I thought to share it with the group. Use it as you will, or just be amused.
#florida #tax #cpacareers #cpa