As investors attempt to wring returns from a low-growth, low-rate environment, an individual’s tax burden weighs heavily on his or her ability to generate income.
According to WalletHub’s report on "2016’s States with the Highest & Lowest Tax Rates," the state with the lowest overall tax rates is Florida, while the state with the highest is Illinois.
WalletHub reports that the taxes in the 10 most expensive states are three times higher than those in the least expensive states, and tax rates in Democratic Party-controlled blue states are more than 10 percent higher than those in Republican Party-controlled red states.
For the study, WalletHub analyzed and ranked each state according to four different types of taxation: income tax, real-estate tax, vehicle property tax and sales and excise taxes.
No. 10: Florida
Residents In These 10 States Pay The Lowest Total Taxes
March 18, 2016
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