WalletHub: State has 6th lowest tax rates in country
Published 5:49 pm Thursday, March 15, 2018
With tax reform receiving passage over the recent months and “Tax Day” looming, one organization is hoping to pass along information to help educate the public.
WalletHub recently received their 2018 Taxpayer Survey and their annual “Tax Rates by State” report to provide resources for residents across the country.
According to the organization, the survey features a variety of fun facts about people’s opinions on tax prepare, the IRS and others while the tax rate report features a person’s obligations in the 50 states plus the District of Columbia.
“Surprisingly, WalletHub found that states with no income tax aren’t always the cheapest overall, as they tend to have higher sales and property taxes,” WalletHub said in a release.
For tax rates across the country, Tennessee ranks as the sixth state with the lowest overall effective state and local tax rates. The state also rates sixth in income tax.
“Tennessee has the 6th lowest tax rates in the United States,” said WalletHub Analyst Jill Gonzalez. “This ranking mostly due to the state’s lack of personal income tax as well as a very low effective real-estate tax rate of 2.47 percent.”
The rankings has Tennessee slated at 12th for effective real estate tax rate and real estate tax.
WalletHub also highlighted some of the more notable results from their survey, including:
• Fewer than 4 in 10 people are happy with President Trump’s tax reforms. 69% of people think the reforms are better for corporations than consumers, and 67% think they benefit the rich more than the middle class.
• 90% of people think the government currently does not spend their tax dollars wisely.
• 30% of people say making a math mistake is their biggest Tax Day fear, edging out not having enough money (29%) atop the list.
• 37% of people would move to a different country for a tax-free future. 24% would get an “IRS” tattoo, 22% would switch political parties, and 15% would take a vow of celibacy.
• 29% of people like their in-laws more than the IRS, 13% prefer cold showers, and 9% would take a traffic jam.
Individuals can visit Wallethub.com to view the rates study, survey and other items researched by the organization.