With Tax Day looming large and sweeping tax reform passed in recent months, WalletHub.com has released its 2018 Taxpayer Survey as well as its yearly Tax Rates by State report in order to help people better understand this confusing time of year.
WalletHub’s Taxpayer Survey features a wide range of fun facts about people’s opinions on tax prep, the IRS and more, while the tax rate report compares the cost of the average person’s various obligations in the 50 states and the District of Columbia. Surprisingly, WalletHub found that states with no income tax aren’t always the cheapest overall, as they tend to have higher sales and property taxes.
Following are the tax rates in Tennessee (with 1 representing the lowest and 25 representing average):
- 6th – Overall effective state and local tax rate
- 6th – Income tax
- 12th – Real-estate tax
- 1st – Vehicle property tax
- 43rd – Sales and excise taxes
2018 Taxpayer Survey
Fewer than four in 10 people are happy with President Trump’s tax reforms: 69 percent of people think the reforms are better for corporations than consumers, and 67 percent think they benefit the rich more than the middle class.
Ninety percent of people think the government currently does not spend their tax dollars wisely.
Thirty percent of people say making a math mistake is their biggest Tax Day fear, edging out not having enough money (29 percent) atop the list. Thirty-seven percent of people would move to a different country for a tax-free future; 24 percent would get an “IRS” tattoo, 22 percent would switch political parties, and 15 percent would take a vow of celibacy.
Twenty-nine percent of people like their in-laws more than the IRS, 13 percent prefer cold showers, and 9 percent would take a traffic jam.
For more information, see https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/.