How Florida Ranks For Total Tax Burden In 2021
Bottom Line: While working on today’s Q&A I came across a recent report from the Tax Foundation ranking all states on their total tax burden. While Florida’s lack of a personal income tax is well known and provides a huge economic benefit for Floridians, Florida historically has been responsible across the board, keeping taxes low generally. So, what’s changed over the past year during the pandemic? Not much for Florida, but what did was positive.
According to the Tax Foundation here’s how Florida ranks in each tax category:
- Sales taxes – 21st
- Property taxes – 13th
- Corporate taxes – 6th
- Unemployment insurance taxes – 2nd
- Personal Incomes taxes – 1st
Florida’s better than average in every category of taxation and the only change in rank for Florida over the past year was in the corporate tax category. Florida improved from 9th to 6th in corporate tax rate. Notably, the only three states with lower tax burdens are small states – Wyoming, South Dakota and Alaska. The closest large state is Texas at 11th. When you consider Florida’s the third most populous state, we have a balanced budget and the fourth lowest tax burden which only improved during the pandemic – it tells a story of just how remarkably well run our state is and the benefits we reap from living in it.
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