How tax reform affects U.S. states - WMC Action News 5 - Memphis, Tennessee

How tax reform affects U.S. states

(Source: Flickr) (Source: Flickr)
MEMPHIS, TN (WMC) -

With crunch time approaching for tax season, 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.

Average Tax Change in Tennessee (1=Benefiting the Most, 25=Avg.):

22nd – Low-Income Families

14th – Middle-Income Families

2nd – High-Income Families

Most benefit for low-income taxpayers:

  1. Washington, DC
  2. Arizona
  3. Nebraska
  4. Texas
  5. California

Most benefit for middle-income taxpayers:

  1. Alaska
  2. Nevada
  3. New Mexico
  4. Delaware
  5. California

Most benefit for high-income taxpayers:

  1. Alabama
  2. Tennessee
  3. Wyoming
  4. Arkansas
  5. Ohio

To see the impact in all three income levels on other Mid-South states, click here.

Copyright 2018 WMC Action News 5. All rights reserved.

Powered by Frankly