Report: Mississippians have lowest tax burden in U.S.

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.

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2 Responses to “Report: Mississippians have lowest tax burden in U.S.”

1. Ivy Moon Says:
   January 17th, 2012 at 10:45 pm

   Then maybe Bloomberg should have to pay MY property taxes. I have lived in Alabama, I have paid property taxes in Alabama, I know how much MORE my property taxes are here. After my husband became disabled we became exept from those property taxes, NOT IN MISSISSIPPI. We get no more of a tax break than any other poverty income level person in this state. You can fool some of the people some of the time. I just don’t happen to be in that catagory, nor do the other Mississippian tax payers that I speak with that have actually lived elswhere.

2. Ivy Moon Says:
   January 17th, 2012 at 11:17 pm

   Then maybe Bloomberg should have to pay MY property taxes. I have lived in Alabama, I have paid property taxes in Alabama, I know hoe much MORE my property taxes are here for less property, pathetic road conditions, poor school system, absence of many conviencies that were accessible in my previous home. After my husband became disabled we became exempt from property taxes, NOT in Mississippi! No we pay the same as anyone else, being a 100% disabled veteran means nothing here! I called my state represenative and the only “words of wisdom” I received from him was “This ain’t Alabama” wow you think. How does it go now? “You can fool some of the people some of the time….” well I don’t happen to be in that catagory, nor do the many other “move back home” Mississippians that are also strapped with the increasingly high property tax structure. The closed mindness of these areas fight to keep away any decent business that might actually help to strengthen these small townes and actually give the residents an opportunity to find employment. I could write a book in reguards to the many disappointments that have encountered and continue to encounter since returning. The incinitive to stay here is simple. I built a home, and like everyone else can’t afford to sell it at a tremoundous loss.