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Wallet Hub Report - 2020 Tax Burden by State & Tax Facts

Wallet Hub Report - 2020 Tax Burden by State & Tax Facts

2020 Tax Burden by State & Tax Facts


Wallet Hub - June 24, 2020

UNDATED - With Tax Day delayed to July 15 due to the coronavirus pandemic, the personal-finance website WalletHub today released its 2020 Tax Burden by State report, as well as accompanying videos, along with its 2020 Tax Facts infographic.

In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.

South Dakota was among the states with the lowest tax burdens on its residents. The state fared well for its property tax burden, but poorly on its sales and excise tax burden on residents.
 

States with Highest Tax Burdens (%) States with Lowest Tax Burdens (%)
1. New York (12.28%) 41. South Carolina (7.48%)
2. Hawaii (11.48%) 42. Alabama (7.36%)
3. Vermont (10.73%) 43. Montana (7.22%)
4. Maine (10.57%) 44. Oklahoma (6.94%)
5. Minnesota (10.19%) 45. New Hampshire (6.85%)
6. Connecticut (9.99%) 46. Florida (6.82%)
7. New Jersey (9.88%) 47. Wyoming (6.47%)
8. Rhode Island (9.84%) 48. Tennessee (6.18%)
9. Illinois (9.62%) 49. Delaware (5.52%)
10. Iowa (9.53%) 50. Alaska (5.16%)

 
Key Stats – Tax Facts Infographic

  • Americans spend 8 billion hours doing taxes each year. The average person spends 11 hours and $210 completing his or her 1040.
     
  • 90% of tax returns are expected to be filled electronically. The average refund in 2020 is $2,769, as of 6/5/2020.
     
  • Nearly one-third of people (30%) say making a math mistake as well as not having enough money (30%) are their biggest Tax Day fears, edging out identity theft (21%) and getting audited (19%).
     
  • 37% of Americans would move to a different country and 26% would get an “IRS” tattoo for a tax-free future.
     
  • 50% of people would rather do jury duty than their taxes. Nearly 1 in 5 would prefer talking to their kids about sex. More than 10% would swim with sharks, spend the night in jail and drink expired milk.

 
To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/



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