Florida One of Top States for Low Tax Burden

According to a recent study by WalletHub, Florida is in the top 10 states for the lowest tax burden on “High Income” and “Middle Income” taxpayers.

It is also the only southeastern state in the top 10 states with a low tax burden, other than Alabama, which ranks lower on the results.

Miami Beach panorama

State “Low Income” Rank
(Tax Burden as a % of Income)
“Middle Income” Rank
(Tax Burden as a % of Income)
“High Income” Rank
(Tax Burden as a % of Income)
Alaska 1
(5.40%)
1
(4.50%)
1
(3.43%)
Wyoming 6
(7.68%)
5
(6.65%)
2
(3.98%)
Nevada 4
(7.00%)
3
(6.28%)
3
(4.71%)
Tennessee 16
(9.17%)
6
(7.02%)
4
(4.97%)
South Dakota 28
(9.80%)
7
(7.17%)
5
(5.17%)
New Hampshire 8
(7.99%)
8
(7.43%)
6
(5.36%)
Florida 17
(9.23%)
10
(7.67%)
7
(5.56%)
North Dakota 10
(8.37%)
12
(7.92%)
8
(5.70%)
Alabama 25
(9.61%)
20
(8.82%)
9
(6.03%)
Delaware 2
(5.43%)
2
(5.70%)
10
(6.14%)

 

In addition to the beach and sun, the tax benefits and low tax burden of living in Florida add to the list of reasons to live and do business in the Florida. If you are thinking about moving to Florida or if you are interested in starting a Florida business, then contact Boyer Law Firm, P.L. today.

If you are a foreign individual who already lives or does business in Florida, or if you are thinking about moving to or starting a business in Florida, then you should contact an attorney to assist you with tax planning for yourself, your business, and your estate.

Tax planning may include restructuring your company, creating estate planning documents such as trusts and power of attorneys, and much more.

 

Chart provided by: http://wallethub.com/edu/best-states-to-be-rich-poor-from-a-tax-perspective/11257/

Print Friendly, PDF & Email