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TOP 10 LEAST TAX-FRIENDLY STATES FOR MIDDLE-CLASS FAMILIES
Top 10 least tax-friendly states for middle-class families.
Hello everyone! Welcome back to the "Top 10 Wonders" YouTube channel. In this video, we're going to show you the top 10 least tax-friendly states for middle-class families. These are the 10 least tax-friendly states for middle-class families that you have probably never heard of.
One major downside to shifting to a new state is that your federal income tax bill won't change much, but your total state and local tax liability will.
Moving to a different state can be financially costly. While you may benefit from lower sales and property taxes in your new location, the taxes you do pay will more than likely offset any savings. Your income and other state and local levies are also likely to be higher.
Thіngѕ саn wеll gо wrοng if people contemplate a move to a different state without doing the proper research. Іt'ѕ important to figurе out whаt'ѕ сurrеntlу law in thе states you're thinking of moving to.
The information in our State-by-State Guide to Taxes is based on a hypothetical married couple with 2 children and a combined reported income of $77,000. They have approximately $3,000 in non-wage income for the year and own a $300,000 home.
After running the analysis on data from the past 5 years, we compiled a list of the 10 least tax-friendly states for middle-class families. The state that was found to be least tax-friendly is listed last.
If you're thinking of moving to another state, make sure you consult this list of considerations first before deciding. For example, you could also contemplate the impact on your career, family, and finances. Here are The 10 Least Tax-Friendly States for Middle-Class Families:
10. Michigan
9. Nebraska
8. Wisconsin
7. Maryland
6. Kansas
5. New York
4. New Jersey
3. Iowa
2. Connecticut
1. Illinois
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