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.
To sign up for Mississippi Business Daily Updates, click here.
2 Responses to “Report: Mississippians have lowest tax burden in U.S.”
Top Posts & Pages
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Analyst: KiOR Columbus plant may end up sold as scrap
- Warden who lives hundreds of miles from jail resigns
- Jail kitchen supervisor pleads guilty to stealing food
- DAVID DALLAS: Savor this Thanksgiving and be grateful
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Hunting-weapons legislation passes House
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi