Taxes in Texas
Tax day is looming, but there's a glimmer of hope for those who call Texas home. Ahead of the filing deadline (you've got until April 18 this year), our friends at WalletHub have analyzed the highest and lowest tax burdens by state, and Texans have it pretty good.
According to WalletHub, Texas has the 10th lowest tax burden in the U.S., only 7.67 percent. In comparison, a resident of New York — the state with the highest tax burden — pays 13.12 percent of his or her total personal income to the state.
True, Texas is one of seven states without a state income tax, but we make up for it in other areas.
Texans are saddled with some of the highest state property taxes in the country — our property tax burden of 3.56 percent ranks No. 14. And we have a sales and gross receipts tax burden of 4.11 percent, the 15th highest in America.
If you want to save more dough, consider a move to Alaska, Delaware, or Tennessee, which boast the three lowest tax burdens. On the opposite end of the spectrum are New York (No. 1), Hawaii (No. 2), and Maine (No. 3), where residents shell out the most money.
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