Thursday, March 15, 2018

Tennessee tax burden
With Tax Day looming large and sweeping tax reform passed in recent months, WalletHub has released its 2018 Taxpayer Survey as well as its yearly Tax Rates by State. The report by the personal finance website, was developed to help people better understand this confusing time of year. WalletHub’s Taxpayer Survey features a wide range of fun facts about people’s opinions on tax preperation, the IRS and more. WalletHub found that states with no income tax aren’t always the cheapest overall, as they tend to have higher sales and property taxes. The survey found that Tennessee has the sixth loweast State & Local Tax Rate and pays the sixth lowest income tax. It ranks 12th in real estate tax, lowest in vehicle property tax, and 43rd. in sales and excise tax. Nationally fewer than 40 percent are happy with President Trump’s tax reforms, 69% think the reforms are better for corporations than consumers, and 67% think they benefit the rich more than the middle class.


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