Life Is Not Fair – Neither Is Every State Tax System
Life Is Not Fair – Neither Is Every State Tax System
We all know that life isn’t fair, and that means that many specific aspects of life aren’t fair either. Of course, according to most people taxes always fall into the unfair category as well. So just how fair or unfair are your taxes?
No, this isn’t another argument about the rich not paying enough taxes. This actually has to do with the state you live in. That’s because according to a recent survey by Wallet Hub, the country’s fairest and least fair states when it comes to taxes have been identified. This is not just about who pays the most and least taxes either.
To create their rankings, Wallet Hub asked Americans all over the country what they thought was fair and unfair about their local tax systems, including income tax, property tax, sales tax and refundable tax credits. Then, Wallet Hub compared the responses to how close they matched the different locations’ actual tax systems.
Based on the information they received, most Americas think that those with higher incomes should be taxed more, while those with less income should be taxed less. However, although most Americans believe states should follow a progressive tax system, essentially every state follows a regressive tax system.
The top five least fair states, meaning states in which the poor are the most overtaxed are:
- Washington
- Hawaii
- Arkansas
- Illinois
- Florida
The top five fairest states are:
- Montana
- Oregon
- South Carolina
- Delaware
- Idaho
So there you have it. If you live in Washington then it looks like you can safely claim that your taxes aren’t fair. At GROCO we think that everyone should be treated fairly on his or her taxes. So contact us if you need help making the most out of your tax situation.
We hope you found this article “Life Is Not Fair – Neither Is Every State Tax System?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm with clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Why Are Your Property Taxes So Darn High?
While the majority of people pay the most attention to the taxes they see regularly, i.e. income and sales tax, there are other taxes that cost you a lot of money that you may tend to forget about. One of those taxes that cost a lot, but that kind of goes unnoticed is property tax.…
IRS Is a Lot More Open to Compromise These Days
It used to be that if you owed a large debt to the IRS you didn’t have a great chance of catching a break. Even though the IRS has always been able to compromise, at least a little, the tax agency has never been really eager to do so. Some people might not even be…
Could Buying a Rental Home Really Help Pay for College?
It’s back to school and for many that means school supplies and new clothes, but what about kids who are heading off to college? Their expenses are much greater than a few new outfits, pencils, paper and glue sticks. Besides the cost of tuition, most college students have to deal with the added expenses of…
Could You Lose Health Care if You Don’t File a Tax Return?
There’s been no shortage of confusion since the Affordable Healthcare Act became a law. Likewise, there has been no shortage of discontent with the bill, either. Obamacare, as it is widely known, continues to find ways to leave people in the dark not only about their healthcare, but also about their taxes. So what’s the…