Study: TN has 3rd lowest tax burden - WMC Action News 5 - Memphis, Tennessee

Study: TN has 3rd lowest tax burden

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MEMPHIS, TN (WMC) -

With Tax Day just completed and Republicans planning the first major overhaul of the U.S. tax code in three decades, the personal-finance website WalletHub released its 2017 Tax Burden by State report.  And there’s good news for Tennessee residents – they have the third-lowest overall tax burden of all U.S. states.  Nearby states Arkansas and Mississippi ranked much differently – Arkansas has the 15th highest rate, and Mississippi has the 17th highest rate.

In order to determine which states tax their residents most aggressively, WalletHub’s analysts compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.

Tax Burden in Tennessee (1=Highest, 25=Avg., 50=lowest):

  • 48th – Overall Tax Burden (6.45%)
  • 42nd – Property Tax Burden (2.06%)
  • 43rd – Individual Income Tax Burden (0.09%)
  • 10th – Total Sales & Excise Tax Burden (4.30%)

The five states with the highest overall tax burden were New York, Hawaii, Vermont, Maine, and Minnesota.

You see the full report here.

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