(WEHT) – With Tax Day delayed to July 15 due to the coronavirus pandemic, the personal-finance website WalletHub broke down the tax burden by state in 2020 in a new study.
In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden as a share of personal income: property taxes, individual income taxes, and sales/excise taxes.
Illinois ranked ninth-highest on the list at 9.62%. Kentucky (21) and Indiana (35) both ranked lower on the list.
|States with Highest Tax Burdens (%)||States with Lowest Tax Burdens (%)|
|1. New York (12.28%)||41. South Carolina (7.48%)|
|2. Hawaii (11.48%)||42. Alabama (7.36%)|
|3. Vermont (10.73%)||43. Montana (7.22%)|
|4. Maine (10.57%)||44. Oklahoma (6.94%)|
|5. Minnesota (10.19%)||45. New Hampshire (6.85%)|
|6. Connecticut (9.99%)||46. Florida (6.82%)|
|7. New Jersey (9.88%)||47. Wyoming (6.47%)|
|8. Rhode Island (9.84%)||48. Tennessee (6.18%)|
|9. Illinois (9.62%)||49. Delaware (5.52%)|
|10. Iowa (9.53%)||50. Alaska (5.16%)|
The study also found some key statistics for taxpayers:
- Americans spend 8 billion hours doing taxes each year. The average person spends 11 hours and $210 completing his or her 1040.
- 90% of tax returns are expected to be filled electronically. The average refund in 2020 is $2,769, as of 6/5/2020.
- Nearly one-third of people (30%) say making a math mistake as well as not having enough money (30%) are their biggest Tax Day fears, edging out identity theft (21%) and getting audited (19%).
- 37% of Americans would move to a different country and 26% would get an “IRS” tattoo for a tax-free future.
- 50% of people would rather do jury duty than their taxes. Nearly 1 in 5 would prefer talking to their kids about sex. More than 10% would swim with sharks, spend the night in jail and drink expired milk.
(This story was originally published on June 24, 2020)
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