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Tennessee Ranks 3rd among lowest taxed states

Tennessee Ranks 3rd among lowest taxed states
Saturday, March 02, 2013

According to a recently report found on 247Wallst.com Tennessee ranks 3rd among all states with the lowest individual tax burden.

3. Tennessee
> Taxes paid by residents as pct. of income: 7.7%
> Total state and local taxes collected: $18.24 billion (23rd highest)
> Pct. of total taxes paid by residents: 63.2% (13th lowest)
> Pct. of total taxes paid by non-residents: 36.8% (13th highest)

In Tennessee, residents paid just 7.7% of their income in taxes in 2010, the nation’s third-lowest rate. However, of the $2,707 in tax revenue per person that residents paid, just $1,844 was paid out to Tennessee, with the rest going to other states. Tennessee had a 6% personal income flat tax, although this only applied to interest and dividend income. Tennessee also did not charge any state-level property taxes, and localities’ property tax collections equaled just 2.18% of income, less than all but a half-dozen states. However, Tennessee’s combined state and local sales tax rate of 9.43% was the nation’s highest.

Read more: States with the Highest (and Lowest) Taxes - 24/7 Wall St. http://247wallst.com/2012/10/23/states-where-residents-pay-the-most-in-taxes/#ixzz2MP6QBoOa