Tags: Montana | state | tax | system

WalletHub: Montana Has Fairest State Tax System

By    |   Monday, 15 September 2014 03:23 PM

Montana places first for the fairness of its state and local tax structure, according to a survey by WalletHub, a personal finance website.

WalletHub surveyed 1,050 people to figure out what Americans regard as a fair tax system and then ranked the states based on that criterion.

Rounding out the top five after Montana are Oregon, South Carolina, Delaware and Idaho. Washington occupies the bottom of the list, preceded by Hawaii, Arkansas, Illinois and Florida.

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WalletHub found that the poor are most overtaxed in Washington, Illinois and Florida. And it determined that the wealthiest 1 percent are most undertaxed in Wyoming, Arkansas and South Dakota.

The middle class is most overtaxed in Arkansas, New York and Hawaii, according to the report.

Interestingly enough, conservatives and liberals widely agree on what constitutes a fair tax system. But conservatives are more in favor of slightly higher taxes on the poor and lower taxes on the wealthy.

Meanwhile, the rise in income inequality is curbing state tax revenue, according to a new report by Standard & Poor's.

That's because the wealthy are able to protect much of their income from taxes and spend less of it than the non-wealthy do, meaning less sales tax revenue.

"Rising income inequality is not just a social issue," said Gabriel Petek, the S&P credit analyst who wrote the report, according to The Associated Press. "It presents a very significant set of challenges for the policymakers."

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Montana places first for the fairness of its state and local tax structure, according to a survey by WalletHub, a personal finance website.
Montana, state, tax, system
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2014-23-15
Monday, 15 September 2014 03:23 PM
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