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Tax Burden Study

Tax Burden Study

Tax Burden Study - it pays to be rich in South Dakota


Gary Matthews - March 5, 2019

UNDATED – You’ve probably heard the old saying “the rich get richer and the poor get poorer.”

It appears in South Dakota, that may be true.

Wallethub today released its report on the year’s best states to be rich or poor from a tax perspective.

In order to identify the state’s where people in different income brackets spend the most and least on taxes, Wallethub calculated the share of one’s income that he or she contributes toward sales and excise taxes, property taxes and income taxes.

Wallethub says their calculations indicate the low and middle income families are paying higher effective tax rates than the rich.

South Dakota ranks 6th when it comes to tax burdens for the Rich. That’s good, as current tax rates only take approximately 5.76-percent of their income.

However, South Dakota scored poorly for its tax burden on the poor – 33rd. That’s because low-income earners lose approximately 10.38-percent of their income to taxes.

The Middle Class loses 8.8-percent of its income to taxes – that is 18th in the nation according to Wallethub.

The five best states to be Rich from a tax perspective are Alaska, Nevada, Wyoming, Tennessee and Florida.

As for the poor, the five worst states are Indiana, Pennsylvania, Hawaii, Illinois and Washington.

For a full look at the study, visit the Wallethub report at the following link:

http://wallethub.com/edu/best-states-to-be-rich-poor-from-a-tax-perspective/11257/



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