State taxes: Which are the most tax-friendly states for the wealthy?
Wealthier Americans tend to pay a smaller share of their income in state and local taxes than lower-income Americans. According to a 2018 report released by The Institute on Taxation and Economic Policy, a Washington D.C.-based think tank, the highest-earning 1% of American families pay just 7.4% of their income in state and local taxes annually on average. Meanwhile, the families that fall into the middle 20% of earners pay 9.9% of their income, and the lowest earning 20% of families pay 11. […]
