Payroll tax cuts, SBA loans are necessities in stimulus bill: Art Laffer
Former Reagan economist Art Laffer and ‘The Dr. Oz Show’ host Dr. Mehmet Oz discuss coronavirus testing and explain Congress’ stimulus relief package should help workers and businesses.
Even though tax day has been postponed because of the coronavirus, Americans will still end up having to pay their taxes by July 15.
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However, the amount of taxes people pay depends on what state they live in. For example, some states have little to no income tax, but have high sales tax or high real estate tax.
Earlier this month, WalletHub published a report that calculated which states — as well as Washington, D.C. — have the highest and lowest tax rates overall.
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To calculate the results, the personal finance website looked at four types of taxes in all 50 states and Washington, D.C. Those taxes were real estate tax, vehicle property tax, income tax and sales & excise tax.
Aside from the overall ranking, WalletHub also reported how states ranked in specific taxes on gas, cigarettes and food.
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It found that Alaska had the lowest gas tax per gallon and California had the highest gas tax per gallon. The state with the lowest tax on cigarettes — per pack of 20 — was Missouri and Washington, D.C., had the highest tax on cigarettes.
Meanwhile, 35 states have no food tax whatsoever, but among the 16 states that do, Mississippi has the worst food tax rate.
To see the overall results, here are the states (including Washington, D.C.) with the highest and lowest tax rates, according to WalletHub.
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States with the highest tax rates
42. Rhode Island
49. New York
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States with the lowest tax rates
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