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:
- Washington, DC
Most benefit for middle-income taxpayers:
- New Mexico
Most benefit for high-income taxpayers:
To see the impact in all three income levels on other Mid-South states, click here.