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20 states with the lowest tax burden on low income residents

June 19, 2024
in Accounting
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20 states with the lowest tax burden on low income residents
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Enjoy complimentary access to top ideas and insights — selected by our editors.

Low-income earners are already seeing a large portion of their paycheck go toward taxes — but in some states, that sacrifice is less painful than in others. 

WalletHub recently ranked all 50 states and Washington, D.C., to determine where people in different income brackets hand over the most and least on sales and excise taxes, property taxes and income taxes, measuring the share of a resident’s income that is contributed to taxes.

“The wealthy and less fortunate are both subject to taxes, but unfortunately people who are not as well off can end up getting hit harder due to the regressive nature of many taxes,” Wallethub analyst Cassandra Happe said in a statement. “Living in a state where your income bracket isn’t squeezed as hard during tax season can save you a lot of money. A few states even cut costs dramatically by not charging income tax altogether.”

Read more: The 20 best states to be rich

Low-income earners in the top state of this ranking have a 6.93% total tax rate as a percentage of income. 

Scroll through to learn more about the states with the lowest tax burden on low-income residents.

Source: WalletHub

Credit: Source link

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