MEMPHIS, TN (WMC) - With tax season in full swing and a new tax code recently signed into law by President Donald Trump, the personal finance website WalletHub has released its report on 2018's States Most Affected by Tax Reform.
In order to determine which states will get the best tax breaks going forward, WalletHub compared the 50 states and the District of Columbia based on the state-specific average tax change for low-, middle-, and high-income families. Overall, Tennessee is the third most-affected state.
In combination with this report, WalletHub also released its Tax Fairness Survey, which takes stock of taxpayers' attitudes toward the new tax code and how they expect it will influence their lives.
Average Tax Change in Tennessee (1=Benefiting the Most, 25=Avg.)
- 22nd – Low-Income Families
- 14th – Middle-Income Families
- 2nd – High-Income Families
To see the full report, and see how the tax changes affect other states, click here.