2019 Taxes: Study Reveals Best States For High, Medium, Low Incomes

Follow CBSMIAMI.COM: Facebook | Twitter

(CBS Local) -- The tax deadline for most Americans is fast approaching and a new study indicates some Americans will be hit harder than others, the personal finance website WalletHub reported.

The Institute on Taxation & Economic Policy, or ITEP, found that many taxes — including property taxes, sales taxes, and some state and local taxes — take more money out of the pockets of Americans in the lower-and middle-income brackets than from wealthier families.

"The nationwide average effective state and local tax rate is 11.4 percent for the lowest-income 20 percent of individuals and families, 9.9 percent for the middle 20 percent, and 7.4 percent for the top 1 percent," according to the ITEP.

In its report on "2019's Best States to Be Rich or Poor from a Tax Perspective," WalletHub identified the best states where people in different income brackets spend the most and least on sales and excise taxes, property taxes and income taxes.

The survey included all 50 states and the District of Columbia.

For low income earners, Delaware was the best state and Washington was the worst state.

Source: WalletHub

For both high income earners, Alaska was the best state and New York was the worst state.

Source: WalletHub

For both medium income earners, Alaska was the best state and New York was the worst state.

WalletHub said it's analysis did not focus on tax rates but rather on the share of a person's income that he or she contributes toward various tax obligations.

To read the full report, click here.

Read more
f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.