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Only California scores worst for “tax friendly-ness.”
The survey is based on income taxes, sales taxes, gas taxes, “sin” taxes (you know, booze and ciggies) and other “tax rules and exemptions” across all 50 states and Washington, D.C.
Hawaii’s profile by Kiplinger notes, “Temporary income tax rate hikes expired in 2016, lowering the top rate from 11 percent to 8.25 percent. But that top rate kicks in at just $48,000 for individual filers. Also, don’t be fooled by Hawaii’s 4 percent sales tax rate. Since it’s due on virtually all transactions, the pocketbook effect is severe.”
But there is also this: “A ray of sunshine: Property taxes as a percentage of home value are the lowest in the U.S.”
“Where you live can have a dramatic impact on your wallet and savings. The Tax Map is an extremely valuable resource — especially for those considering a move to a different state,” said Sandra Block, senior associate editor at Kiplinger’s Personal Finance, in a press release.
Block added, “It’s worth pointing out, though, that there are tradeoffs to living in a state with lower taxes—since there are likely less funds going to roads, bridges, schools and various other public services we may otherwise take for granted.”
The most friendly tax states are Wyoming, Florida and Nevada.
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