Which States Are Good, and Bad, for Taxes?
How attached are you to the state you live in? Although most people would rather not relocate, where a person lives can actually make a huge difference in his or her tax bill. That’s because Kiplinger recently released its list of the most and least “tax-friendly” states when it comes to taxes. The business publisher used three important tax factors to determine their results, including state income tax, gas tax and sales tax. Here’s what they found.
If you live in Delaware then chances are you’re happier than most about your tax bill. With an income tax coming in between 2.2 percent to 6.6 percent, along with no sales tax and well below average gas taxes, Delaware was number one on the list of most friendly tax states. Wyoming, Louisiana, Mississippi and Alabama were also on the friendliest list.
Meanwhile the news is not so good if you live in California. With an income tax reaching as high as 13 percent for the top earners, a 7.5 percent sales tax and a gas tax coming in at $.053, the golden state is number one on the list of least friendly tax states. Other states that will keep your tax bill high include New York, Connecticut and New Jersey. Click here to see the entire lists.
Everyone has to pay taxes, but you can click here to learn how GROCO can help you save on your taxes no matter which state you live in. Call us today at 1-877-CPA-2006.
Attorneys for the Rich Anxiously Await Trump’s Plan for Estate Tax
Chances are most people will never have to worry about paying a federal estate tax, since the value of most people’s estates don’t exceed $5.34 million. However, if president Trump has his way, not even the very few taxpayers that would have otherwise been affected by this law, will have to worry about it…
Millions of Big Earners Should Expect Higher Payroll Taxes in ‘17
For those who have been excited to see their tax bill go down under a Trump administration, there might be cause for some concern, especially for some of the country’s highest earners. That’s because for the millions of workers who pass a certain threshold a tax hike is coming. So why the increase? First,…
How Will Tax Reform Really Take Shape Under Trump and Ryan?
It’s no secret that both President Trump and other republican lawmakers want to change t he nation’s tax code and lower taxes across the board. However, as you might expect, they have different visions as to how to go about this. To be clear, though, both sides of the argument, namely the president and House Speaker…
Could “Red” States Actually Be Considering Tax Hikes?
Revamping the nation’s tax system is a very hot topic in Washington D.C. at the moment and that’s not going to change any time soon. One of the reasons Donald Trump was elected president was his stance on simplifying the country’s tax system and lowering the nation’s tax bill. This was a common theme…