Taylor: Low-tax Texas? That’s a tall tale, and state’s tax structure leads to fiscal distortions
I trust everyone enjoyed meeting their tax-filing obligations this week. If not, you have until Monday to satisfy the feds.
Determining whether one lives in a high- or low-tax state is not without controversy and disagreements. But careful analysis of the question of which states levy the least tax ends up with the answer “it depends” because tax burdens vary according to individual circumstances. Averages — like the rankings above — are blunt instruments that obscure particular circumstances.
FILE - This Feb. 5, 2020 photo shows a W-4 form in New York. This year's tax filing season will begin on Jan. 24, 17 days earlier than last year, the Internal Revenue Service announced Monday, Jan. 10, 2022. Moving up the wealth scale, we can see that a California family with a $1 million income and $2 million home would pay an estimated $113,000 in state income taxes and $20,000 in property taxes for a total of $133,000 in combined state and local taxes.
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