avatarYY Ren

Free AI web copilot to create summaries, insights and extended knowledge, download it at here

2268

Abstract

on taxes is 7.6% of that.</p><h2 id="5b1d">4. South Dakota</h2><p id="2916">South Dakota is another state with no income tax and no sales tax on essentials. The median annual household income in South Dakota is 69,728, and the average amount spent on taxes is 8.4% of that. Property taxes are moderate, with a median annual amount of 2,149.</p><h2 id="e058">5. Michigan</h2><p id="6402">Michigan has a flat income tax rate of 4.25%, which is lower than most states. It also has low sales tax rates of 6%, which do not apply to groceries. The median annual household income in Michigan is 66,436, and the average amount spent on taxes is 8.6% of that. Property taxes are high, though, with a median annual amount of 2,614.</p><h2 id="1e90">6. Texas</h2><p id="c8cd">Texas is one of the nine states with no income tax, but it makes up for it with high sales and property taxes. The sales tax rate is 6.25%, which applies to essentials like diapers and feminine hygiene products.</p><p id="3817">The property tax rate is also high, with a median annual amount of 3,390. The median annual household income in Texas is 72,418, and the average amount spent on taxes is 8.6% of that.</p><h2 id="e221">7. North Dakota</h2><p id="9bdb">North Dakota has low income tax rates, ranging from 1.1% to 2.9%. It also has low sales tax rates of 5%, which do not apply to groceries or feminine hygiene products. The median annual household income in North Dakota is 71,970, and the average amount spent on taxes is 8.8% of that. Property taxes are moderate, with a median annual amount of 2,057.</p><h2 id="89b4">8. Georgia</h2><p id="cafe">Georgia has progressive income tax rates, ranging from 1% to 5.75%. It also has low sales tax rates of 4%, which do not apply to groceries or feminine hygiene products. The median annual household income in Georgia is 68,688, and the average amount spent on taxes is 8.9% of that. Property taxes are low, with a median annual amount of 1,413.</p><h2 id="e5af">9. South Carolina</h2><p id="a5f1">South Carolina has progressive income tax rates, ranging from 0% to 7%. It also has low sales tax rates of 6%, which doesn’t apply to groceries or feminine hygiene products. The median annual household income in South Carolina is $64,587,

Options

and the average amount spent on taxes is 8.9% of that. Property taxes are very low, with a median annual amount of 895.</p><h2 id="89b0">10. Oklahoma</h2><p id="2cb0">Oklahoma has progressive income tax rates, ranging from 0% to 5%. It also has low sales tax rates of 4.5%, which do not apply to groceries or feminine hygiene products. The median annual household income in Oklahoma is 62,902, and the average amount spent on taxes is 9% of that. Property taxes are low, with a median annual amount of $1,278.</p><blockquote id="e411"><p>Saving in taxes is important, but taxes aren’t the only thing that matters when choosing a state to live in. If it were, there wouldn’t be 40 million people still living in California.</p></blockquote><div id="b626" class="link-block"> <a href="https://readmedium.com/the-8-money-lies-keeping-you-poor-6d5d28f8a030"> <div> <div> <h2>How to Break Free from These 8 Money Myths Keeping You Poor</h2> <div><h3>One of the biggest obstacles we all face is not a lack of resources, but too much misinformation. The world is rife…</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*G6uMfBwsSNpo8YaN3NvqcA.jpeg)"></div> </div> </div> </a> </div><div id="afc2" class="link-block"> <a href="https://readmedium.com/5-money-lessons-for-young-investors-176fb04b16d2"> <div> <div> <h2>Top 5 Money Lessons for Young Investors</h2> <div><h3>Insights from a Certified Financial Planner</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*5XWjx1qOi9Ng6w4F7nXH6Q.jpeg)"></div> </div> </div> </a> </div><h2 id="55ec">Thank you for reading and please share those claps👏, comments 🗣️and subscribe to get more content like this 😎</h2><p id="f476">You can also follow me on <a href="https://twitter.com/YYRisen">X</a>.</p></article></body>

What No One Tells You About Living in These 10 Tax-Friendly States

Photo by HiveBoxx on Unsplash

Tired of seeing your hard-earned money disappear into taxes?

I crunched the numbers and analyzed the latest data from the Tax Foundation and Kiplinger to bring you the top 10 states with the lowest tax burden for middle-income families in 2024.

We’ve looked at everything from state income tax to property taxes, and even sales taxes on essential items like groceries, diapers, and feminine hygiene products. Here are some things you probably haven’t been told about these 10 tax friendly states.

1. Alaska

Alaska has no state income tax and no sales tax on essentials, making it the most tax-friendly state for middle-income families. The median annual household income in Alaska is $88,121, and the average amount spent on taxes is only 4.6% of that.

The only downside is that property taxes are relatively high, with a median annual amount of $3,117.

2. Wyoming

Wyoming is another state with no income tax and no sales tax on essentials. The median annual household income in Wyoming is $70,042, and the average amount spent on taxes is 7.5% of that. Property taxes are also low, with a median annual amount of $1,442.

3. Tennessee

Tennessee does not have a personal income tax, except for interest and dividends. It also has low property taxes, with a median annual amount of $1,120. However, it does have a high sales tax rate of 7%, which applies to essentials like diapers and feminine hygiene products. The median annual household income in Tennessee is $65,254, and the average amount spent on taxes is 7.6% of that.

4. South Dakota

South Dakota is another state with no income tax and no sales tax on essentials. The median annual household income in South Dakota is $69,728, and the average amount spent on taxes is 8.4% of that. Property taxes are moderate, with a median annual amount of $2,149.

5. Michigan

Michigan has a flat income tax rate of 4.25%, which is lower than most states. It also has low sales tax rates of 6%, which do not apply to groceries. The median annual household income in Michigan is $66,436, and the average amount spent on taxes is 8.6% of that. Property taxes are high, though, with a median annual amount of $2,614.

6. Texas

Texas is one of the nine states with no income tax, but it makes up for it with high sales and property taxes. The sales tax rate is 6.25%, which applies to essentials like diapers and feminine hygiene products.

The property tax rate is also high, with a median annual amount of $3,390. The median annual household income in Texas is $72,418, and the average amount spent on taxes is 8.6% of that.

7. North Dakota

North Dakota has low income tax rates, ranging from 1.1% to 2.9%. It also has low sales tax rates of 5%, which do not apply to groceries or feminine hygiene products. The median annual household income in North Dakota is $71,970, and the average amount spent on taxes is 8.8% of that. Property taxes are moderate, with a median annual amount of $2,057.

8. Georgia

Georgia has progressive income tax rates, ranging from 1% to 5.75%. It also has low sales tax rates of 4%, which do not apply to groceries or feminine hygiene products. The median annual household income in Georgia is $68,688, and the average amount spent on taxes is 8.9% of that. Property taxes are low, with a median annual amount of $1,413.

9. South Carolina

South Carolina has progressive income tax rates, ranging from 0% to 7%. It also has low sales tax rates of 6%, which doesn’t apply to groceries or feminine hygiene products. The median annual household income in South Carolina is $64,587, and the average amount spent on taxes is 8.9% of that. Property taxes are very low, with a median annual amount of $895.

10. Oklahoma

Oklahoma has progressive income tax rates, ranging from 0% to 5%. It also has low sales tax rates of 4.5%, which do not apply to groceries or feminine hygiene products. The median annual household income in Oklahoma is $62,902, and the average amount spent on taxes is 9% of that. Property taxes are low, with a median annual amount of $1,278.

Saving in taxes is important, but taxes aren’t the only thing that matters when choosing a state to live in. If it were, there wouldn’t be 40 million people still living in California.

Thank you for reading and please share those claps👏, comments 🗣️and subscribe to get more content like this 😎

You can also follow me on X.

Taxes
Income
Salary
Income Tax
Groceries
Recommended from ReadMedium