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Every American may be equal under the law, but the nation is far from equal when it comes to tax season.
As April 15 — “Tax Day” for most of us — rapidly approaches, many people are taking a hard look at just how much Uncle Sam is reaching into their wallets.
People - Internal - Revenue - Service - Time
While most people think of the federal Internal Revenue Service this time of year, there are, of course, also taxes at the state and local level that can make a big difference on our pocketbooks.
It turns out that where you live can have a major impact on your tax burden — and there are some interesting political lessons to be learned by looking at those differences.
State - Government - Relies - Taxes - State
“While every state government relies on taxes to operate, no two state tax structures are exactly the same,” Stebbins wrote. “For example, four states do not charge a sales tax and seven states do not levy personal income taxes. In stark contrast, 13 states derive the largest share of their annual tax revenue from sales taxes and nine from personal income taxes.”
So where are the most attractive places to live if your goal is minimizing taxes? Here are the 10 best states, according to Stebbins.
States - Taxes - Alaska - Income - Tax
Yes, you’re going to have to leave the contiguous states and head north if you want to escape oppressive taxes. Alaska has no income tax and no general sales tax. According to 24/7 Wall Street, the state and local tax burden is about 6.5 percent of Alaskans’ income, the lowest number on the list. You just have to put up with some very long winters.
Would you ever consider moving to a state with lower tax rates?
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