ACROSS MISSISSIPPI — Mississippi residents enjoy the lowest tax burden in the nation, according to a ranking by Bloomberg.
The multinational financial news corporation ranked states based on income, property, consumption and inheritance taxes, along with taxes on retirement investments.
Bloomberg ranked Mississippi ahead of South Carolina, Tennessee, Alabama and Alaska, which took the second through fifth place rankings, respectively. Connecticut, New Jersey, New York, Massachusetts and Maryland were ranked as the states with the highest tax burdens.
Mississippi has a 5 percent income tax and 7 percent sales tax statewide. Property taxes per capita are $785 and there is no inheritance or estate tax. The state also exempts all individual retirement accounts from income tax and is one of four states that allow citizens to contribute to retirement accounts without paying state income tax on the money.