Florida’s #4 in taxing you (in a good way)
Bottom Line: If you want a better state for taxes, you’d better bundle up. According to a new study by the Tax Foundation you’d have to move to Wyoming, South Dakota or Alaska to find states with a better system of taxation than what we have here. The Tax Foundation measured states based on the way they structure taxation from the perspective of residents. Florida’s fourth nationally and the closest large state – Texas isn’t even in the top ten making Florida’s ranking that much more impressive. Florida ranks better than average in every tax category compared to other states this includes ranking...
- 21st in sales taxes
- 13th in property taxes
- 6th in corporate taxes
- 2nd in unemployment insurance taxes
- 1st in individual taxes
This illustrates a tax climate that’s outstanding for businesses and residents alike and explains Florida’s continued economic success, along with the ever-increasing influx of defectors from other states. Speaking of which... Guess the three worst states for taxes in 2021. It’s a case of stereotypes existing for a reason. Your three worst states for taxes in 2021 are New York, California and New Jersey. What's especially cool with the Tax Foundation’s study is the ability to easily see how Floridians are taxed in each category compared to other states. No other state, not even the three ahead of us overall, are better than average in every category. While it’s well known Florida doesn’t have a personal income tax, we’re also not compensating with offsets in other areas. It’s just better in Florida period. Related...It’s notable that even in this year’s state session, where mandatory online sales tax collection appears likely to pass, legislators are looking to offset the projected increases in tax revenue with tax cuts elsewhere – rather than just taxing Floridians more. It’s that type of behavior by our state legislature which has led to Florida’s standing and greatly contributes to our state’s overall economic success.
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