Attention taxpayers (aka just about everyone)! Kiplinger has released its ranking of the best and worst states for taxes. Kiplinger’s fourth annual Tax Map—available at Kiplinger.com/links/taxmap—reveals income taxes, sales taxes, gas taxes, “sin” taxes (for products such as alcohol and tobacco) and other tax rules and exemptions across all 50 states and Washington, D.C.
“Where you live can have a dramatic impact on your wallet and savings. The Tax Map is an extremely valuable resource—especially for those considering a move to a different state,” said Sandra Block, senior associate editor at Kiplinger’s Personal Finance. “It’s worth pointing out, though, that there are tradeoffs to living in a state with lower taxes—since there are likely less funds going to roads, bridges, schools and various other public services we may otherwise take for granted.”
The 10 Most Tax-Friendly States:
- South Carolina
- South Dakota
The 10 Least Tax-Friendly States:
- New York
- New Jersey
- Rhode Island
The 2016 Kiplinger Tax Map features comprehensive tax profiles of each state, a list of the 10 most tax-friendly states and a list of the 10 least tax-friendly states, as well as additional roundups including states with the highest and lowest gas taxes, no income taxes, highest beer taxes and more.
The Tax Map is a sister project to Kiplinger’s annual Retiree Tax Map—which reveals senior tax breaks across all 50 states, and compares taxes on income (including Social Security benefits, pensions and other forms of retirement income), property, everyday purchases, and, ultimately, your estate.
For nine decades, the Kiplinger organization has led the way in personal finance and business forecasting. Founded in 1920 by W.M. Kiplinger, the company developed one of the nation’s first successful newsletters in modern times. The Kiplinger Letter, launched in 1923, remains the longest continuously published newsletter in the United States. In 1947, Kiplinger created the nation’s first personal finance magazine. Kiplinger.com is the fastest growing Web site in the personal finance space. Located in the heart of our nation’s capital, the Kiplinger editors remain dedicated to delivering sound, unbiased advice for your family and your business in clear, concise language. Become a fan of Kiplinger on Facebook or Kiplinger.com and follow Kiplinger on Twitter, LinkedIn and Tumblr.