A new study found which states have the highest and lowest tax rates around. Pennsylvania erred toward the higher side.
Very seldom a fun past time, it may prove to be less fun for Pennsylvanians, who have some ofwhich sought to identify which states had the highest and lowest tax rates by grading each — plus Washington D.C. — across four main types of taxation: “Real-Estate Tax;” “Vehicle Property Tax;” “Income Tax;” and “Sales & Excise Tax.” Sources such as the U.S. Bureau of Labor Statistics were used.
“Surprisingly, though, low income taxes don’t always mean low taxes as a whole,” reads the study. “For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes.” WalletHub’s final list ranked Pennsylvania in the 48th overall spot, meaning the Keystone State was number four with regards to having the largest tax rates around. Pennsylvania also ranked third overall for having the highest“Many higher-income taxpayers relocate to states such as Florida, Texas, and New Hampshire to escape high-income taxes from their former residence states,” says professor and undergraduate program chair at the Lubin School of Business, Philip G. Cohen.
The top three states with the lowest tax rates were Montana, Delaware, and Alaska in third, second, and first, respectively. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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