With the tax deadline for most Americans fast approaching and low and middle-income families expected to pay higher effective tax rates than the wealthy, the personal-finance website WalletHub today released its report on the Best States to Be Rich or Poor from a Tax Perspective, with Maryland being ranked as the 5th “Worst State to Be Rich (from a Tax Perspective)”. The state comes in towards the middle for low and middle income earners.
In order to identify the states where people in different income brackets spend the most and least on taxes, WalletHub calculated the share of a resident’s income that they contribute toward sales and excise taxes, property taxes and income taxes. Tax Burden in Maryland (1=Best, 25 =Avg.):
- 25th – Low-Income Earners (10.08% of Income)
- 33rd – Middle-Income Earners (10.03% of Income)
- 46th – High-Income Earners (11.53% of Income)
For the full report, please visit:
http://wallethub.com/edu/best-states-to-be-rich-poor-from-a-tax-perspective/11257/