Tennessee among states with lowest tax burden
MEMPHIS, TN (WMC) - With Tax Day fast approaching and the new tax code taking effect this year, the personal-finance website WalletHub has released its 2019 Tax Burden by State report, along with its 2019 Tax Facts infographic.
In order to determine which states tax their residents most aggressively, WalletHub 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.)
48th – Overall Tax Burden (6.28%)
46th – Property Tax Burden (1.90%)
43rd – Individual Income Tax Burden (0.11%)
11th – Total Sales & Excise Tax Burden (4.27%)
To read the entire report, click here.
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