The Cat Column – Audra Evaluates the 4 States with the Lowest Overall Tax Burden

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Dear Humans,

Tax season is coming! Tax season is coming! I mean, not for me, because I am a cat (and cats don’t pay taxes), but for humans. In fact, one of the best parts about being a cat is that we are virtually undetectable, masters of stealth, and the greatest super-spies the world has ever known (take that James Bond!).

This allows glorious felines, such as myself, to hide in plain sight and evade detection from the government. Whether we hide behind table legs, under curtains, or even inside couches, you will never ever see us coming. Unfortunately, humans are not as stealthy as cats, and must prepare for the upcoming tax season, as it will be here before you know it.

 

Depending on where you live, April 15th is either a little scary or very scary. Certain states have very high taxes imposed by state and local governments. Below are four of the least scary states when it comes to having the lowest overall tax burdens.

  1. New Hampshire

Coming in 4th place, New Hampshire has an impressively low total tax burden of 7.07%, with property taxes of 5.60%, individual income taxes of 0.13%, and total sales and excise taxes of 1.34%. In addition, this state offers great outdoors activities (such as skiing and hiking) and the state’s license plates carry the motto “Live Free or Die.”

  1. Florida

Florida wins the bronze medal in this competition as it is the state with the third lowest overall tax burden. The total tax burden in Florida is 6.64%, with property taxes of 2.27%, individual income taxes of 0.00%, and total sales and excise taxes of 3.92%. Florida is famous for its bright blue waters (the Florida coral reef is the only living reef in the continental USA) and is a popular home for retirees.

  1. Delaware

Taking the silver medal, Delaware boasts a low total tax burden of 5.68%, with property taxes of 1.82%, individual income taxes of 2.70%, and total sales and excise taxes of 1.16%. Delaware is also home to many beaches and state parks. The lady bug is Delaware’s official state bug, and the blue hen chicken is the state’s official bird (due to their apparent fighting ability).

  1. Alaska

 

Taking the gold medal in this competition, Alaska is the state with the lowest overall tax burden of 4.94%, with property taxes of 3.53%, individual income taxes of 0.00%, and total sales and excise taxes of 1.40%. Alaska is home to some beautiful national parks and reserves, such as the Denali National Park and Reserve (which receives 4.8/5 stars on Google with 1,653 Google Reviews).

In conclusion, each state possesses different positives and negatives, and different overall tax burdens. If you would like to know more about your state’s tax burden and how that will affect your financial future, please contact the Taylor Financial Group team for assistance.

Till next time,

Audra Taylor

 

Sources Cited: https://www.investmentnews.com/gallery/20181112/FREE/111209998/PH/10-states-with-lowest-overall-tax-burden&Params=Itemnr=11

This Blog is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide legal, tax or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Financial Resolutions to Take Into the New Year

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner Thinking about making some New Year’s resolutions? Add financial wellbeing to your list. It’s a terrific time to identify goals and opportunities that may put you in a better financial position — not only in the upcoming year, …

Charitable Giving Strategies in a High-Income Year

Tom Fridrich, JD, CLUⓇ, ChFCⓇ, Senior Wealth Planner  The end of the year offers an ideal opportunity to look both forward and back — reflecting on recent achievements, while setting goals for the upcoming months. For many of my clients, it’s also a time to review their finances and i …

Let’s Talk About Midterm Elections and Your Investments

This week was midterm elections and we’ve had many questions about what it all could mean, which we’ll tackle in today’s blog. We consider it a great honor to vote, and while we may not know the final results of the election for days (or even months), what we do know is the election will …

Traditional IRA & Roth Conversion

If you have a Traditional IRA, you may benefit from doing a Roth conversion this year (and if you already performed a conversion this year, you still have time to do an additional conversion before year end). We typically favor Roth IRAs (over Traditional IRA balances) as Roth IRAs grow tax …
1 2 3 219 220 221

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation