Tennessee has low overall tax rate - WMC Action News 5 - Memphis, Tennessee

Tennessee has low overall tax rate

(Source: WalletHub.com) (Source: WalletHub.com)
MEMPHIS, TN (WMC) -

With just a few weeks left before federal income taxes are due,  WalletHub.com has released its 2017 Taxpayer Survey as well as its Tax Rates by State report. And it turns out that Tennessee has the sixth lowest effective tax rate in the U.S. 

Here are their 10 lowest states, based on the effective total state and local tax rates on median U.S. households:

  1. Alaska  5.64 percent
  2. Delaware  6.07 percent
  3. Montana  6.89 percent
  4. Wyoming  7.43 percent
  5. Nevada  7.66 percent
  6. Tennessee  7.97 percent
  7. Idaho  8.48 percent
  8. California  8.79 percent
  9. South Carolina  8.84 percent
  10. Florida  8.94 percent

Mississippi ranked 38th and Arkansas ranked 40th. Illinois had the highest rate, at 14.76 percent.

Their related Taxpayer Survey had some interesting results: When asked what they would do for a tax-free future, 20 percent of survey respondents said they would get an “IRS” tattoo; 16 percent would move abroad; and 10 percent would stop talking for six months.

When asked what they’d rather be doing than filling out their tax forms, 30 percent of respondents said they’d rather talk about sex with their kids, and 12 percent said they would spend the night in jail.

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