Wyoming Makes Top Five States for Having Lowest Tax Burden
Tax Day is approaching on April 18th this year. Everyone wonders how they will be affected each year financially when it comes to tax time, especially over the course of the past few years with the pandemic era hitting a lot of people hard.
But instead of attempting to solve how various tax rates affect an individual, how about we check out what happens with one's tax burden, which is the proportion of personal income that residents will pay that goes towards state and local taxes. So where does that put Wyoming in all of this tax burden talk?
Our friends at WalletHub recently researched how each state ranks when it comes to tax burden. It seems that there's three key determining factors for that tax burden in each state. Those factors are property taxes, individual income taxes, and sales and excise taxes. As a result, Wyoming happens to be in the top five states in the country when it comes to having the lowest tax burden.
How about the Cowboy State having a not-so rough go of it when it comes to tax burden. The only states that finished with a lower tax burden than Wyoming were Alaska, which had the lowest, followed by Tennessee and Delaware. That's it! Wyoming has the 4th lowest tax burden in the nation at 6.32%.
The biggest factor in our ranking very well may be the fact that we tied for having the lowest individual income tax burden at 0.00%. Our total sales and excise tax burden doesn't look too shabby either ranking at the 16th lowest (35th highest) at 3.00%. Wyoming also finished with the 15th highest property tax burden at 3.32%.
If you happen to go venture down south to live in Colorado, your overall tax burden is near about the middle for the country at 24th lowest tax burden (27th highest) at 8.52%. New York finished with the highest tax burden at 12.75%. To see where all the states ranked, check out the map below.
When all is said and done, when it comes the time of the year for tax time to approach like it is, Wyoming is a great spot to be!
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