WallHub: Hawai’i Taxes Some of the WorstMarch 23, 2015, 11:42 AM HST (Updated March 23, 2015, 11:43 AM) · 0 Comments
Personal finance social networking site WalletHub has released findings from its recent analysis on 2015’s Best States to be Rich or Poor from a Tax Perspective, and it doesn’t look good for Hawai’i.
WalletHub used calculated shares of income to determine a taxpayer’s contribution toward sales and excise tax, property taxes, and income taxes. Using the Institute of Taxation & Economic Policy’s 2015 report, WalletHub generated estimates of state-specific tax burden on residents within three income brackets: low, medium, and high.
With one being the best, 25 being the average, and 51 the worst rank, the State of Hawai’i ranked 50th in both the “Highest Sales and Excise Tax Burden Between Rich and Poor” and “Worst States to Earn a Low Income” categories. The state also ranked 48th when it came to middle class income earners and 31st for high income earners.
Among the best states to earn a high income are Alaska, Wyoming, and Nevada. On the other hand, New York, Connecticut, and Maryland were among the worse states to earn a high income.
Alaska was also on the list of states who were the best to earn a low income, along with Delaware and Montana. In addition to Hawai’i, Washington and Illinois were among the worst states to earn a low income.
Best and Worst States for Low Income Earners:
Best and Worst States for High Income Earners: