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Tennessee tax comparison To paraphrase Benjamin Franklin, taxes are one of only two certainties. Taxpayers in the United States pay over $11,000 a year on average in federal, state, and local taxes, or 20% of their gross annual pay. While all Americans are subject to the same federal income tax code, state and local tax policies vary considerably by state. 24/7 Wall St. recently calculated the average annual income after taxes in every state. The combined effect of taxes can reduce the average annual income by as little as 13% or by as much as 34%, depending on the state. In half of the states, taxes on property account for the largest share of state and local revenue – and some of the states where residents pay the largest share of their annual income in taxes are also the states with the highest property taxes. Tennessee has the advantage of a booming tourism industry which means more revenue from the sales tax. In the Volunteer State, income averages $47,179, and residents pay 21% of their income in taxes....the 17th highest in the country. The average Tennessean pays nearly $6,600 in federal taxes, the 15th highest in the US. State and local tax collections per capita however total $3,324, the 2nd lowest among states. In Tennessee, the largest source of state and local tax collections: is the sales tax which accounts for 42% of total collections.
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Return to Today's News Stories - Front PageThursday, April 29, 2021
US 411 Project News
Mill Creek Wildfire Update
More Bad News For Smokies' Fans
Wednesday, April 28, 2021
Mill Creek Wildfire doubles in size
Goodbye Smokies?
Keep Cocke County Beautiful
Cocke Co. High School Remote Learning today!
Tuesday, April 27, 2021
The fireflies are coming!
Burnout Operations on MillCreek wildfire today
Gas prices drop
Tennessee keeps all US House seats
Monday, April 26, 2021
Boat accident victim ID'd
Traffic stop yields drug arrest
Cocke County Wildfires
Friday, April 23, 2021
Leaving WNPC
Mathis announces candidacy
Newport drug roundup
Cruise Against Cancer
Jobless numbers
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