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Which State Has the Highest Tax Burden?

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 15, 2019 2,016 Views The Best Markets For Residential Property Investors 2 days ago Moving costs can certainly add up quickly. However, when the movers have been compensated and the down payment or deposit has been paid, those who have moved across state lines may find the longer-lasting financial impact comes in the form of taxes. Moving from one state to another could cost or save homebuyers an average of up to $7,760 in taxes, and that’s not a one-time fee. That’s how much more would be owed or retained each year, according to a new study by Hire a Helper.Hire a Helper reviewed income, sales, and property taxes in all 50 states and the District of Columbia to determine the effective tax rate in each state. They then calculated a total local tax burden based on the median wage for each respective state.The highest total local tax burden is in the District of Columbia, where an average wage earner would spend about $9,730 in taxes per year. At the other end of the spectrum, Tennessee has the lowest local tax burden with an average wage earner spending about $1,970 per year. The difference is that $7,760, which is the highest average tax cost or savings between any two states.These compare to a national average of $4,066 per year in taxes. Income tax makes up the largest portion of this total at $1,655, followed by property taxes, which average $1,538 per year nationally.With state income tax claiming a major portion of total tax burden, it is no surprise that most of the states with the lowest total tax burdens were the same states that have no state income tax.“If you want a low tax bill, a smart strategy to get one might be to move to one of the nine states that levy no state tax on earned income,” according to Hire a Helper.The states that do not charge state income tax are: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.Of these, the only one that did not land a spot on the list of 10 states with the lowest tax burden is New Hampshire.Following Tennessee with an average annual tax burden of $1,970, the states with the lowest tax burden are Nevada ($2,002 per year), South Dakota ($2,112 per year), Florida ($2,131), and Alaska ($2,274).The states with the highest tax burden following the District of Columbia with $9,730 are New York ($7,170), Connecticut ($6,782), Massachusetts ($6,368), and Illinois ($5,875).Hire a Helper also calculated an average effective tax rate for each state. The average effective tax rate for the nation is 8.2 percent of annual income.New York had the highest effective tax rate at 11.9 percent, followed by the District of Columbia and Connecticut both with an effective tax rate of 11.4 percent, Illinois at 11.2 percent, and Massachusetts at 10.3 percent.Alaska has the lowest effective tax rate at 3.9 percent, followed by Nevada at 4.4 percent, Tennessee at 4.5 percent, Florida at 4.8 percent, and Washington at 5.0 percent.To view the average tax burden and effective tax rate for each state, view Hire a Helper’s full report here. in Daily Dose, Featured, Government, Market Studies, News Share Save Related Articles Which State Has the Highest Tax Burden? Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img hire a helper Property Taxes tax burden 2019-04-15 Krista Franks Brock Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: hire a helper Property Taxes tax burden The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Which State Has the Highest Tax Burden? About Author: Krista Franks Brock Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Previous: FHFA Welcomes New Director Mark Calabria Next: FHFA Appoints New Principal Deputy Director, Industry Reacts Subscribelast_img read more

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Who is faster?

first_imgI recently had a discussion with a consultant on emerging issues and regulatory trends surrounding changes in the payments’ frameworks and technology. The changes in this area are coming rapidly—particularly with a younger generation growing up on digital-only platforms and the internet. The Gen Z group alone represents 40% of global consumers. So, it is no accident that regulators are actively engaged in numerous efforts, from faster payments, to revising regulatory frameworks to allow the technology to provide new and innovative solutions, and to provide for consumer protection. It is difficult to read the “tea leaves” on how all of this change will transform our industry.The first article below, shows the Financial Stability Board delivering roadmaps to the G20 on cross-border payments. The European Union is working on its Digital Finance Strategy that includes measures on innovative and competitive payments markets and efficient international payments. We are likely to see greater direction in this area come out of the G20 meeting in November under the Saudi Arabia Presidency. Staying on top of all these changes will be critical over the next several years.For credit unions, the challenge is figuring out who are going to be the winners and losers in all of these changes, and where a credit union should best place its resources to remain competitive in these new and emerging markets, and regulatory environments. If we as an industry are too slow to change or keep up with the times, it is possible that we will be left behind or fall prey to some disruptive force.That brings me to the question that I asked the consultant about who would be the winner in the faster payments’ reforms that are forthcoming. His answer: “Whoever is faster.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Kobe Bryant’s back on court for Lakers in exhibition opener

first_imgTo considerably less fanfare, Steve Nash posted 11 points on 4-of-8 shooting and five assists in 20 minutes in his first game since aggravating his hamstring on April 8, 2014. That marked one of many instances nerve irritation in his back and hamstrings kept him out last season for all but 15 games.“It met my expectations,” Nash said. “I expect to get through it. I also know it’s something I can’t really control. All I can control is the work I put in to prepare, train and recover. Hopefully that’s enough.”It sure was against Denver as Lakers coach Byron Scott stayed firm on his minutes with Bryant and Nash, neither of whom played in the fourth quarter. Before that, plenty of the focus centered on Bryant for obvious reasons. His presence even sparking a familiar “M-V-P” chant when he stepped to the free-throw line in the third quarter.This marked his first appearance in an NBA game since injuring his left knee in Memphis on Dec. 17, 2013. The injury happened a mere six games into his initial recovery from a left Achilles tendon injury that entailed eight months of rehab. The injury sparked plenty of debate on whether Bryant could write the last chapter of a legacy that already entails five NBA championships and a fourth-place standing on the league’s scoring list. On Monday, Bryant provided an encouraging rebuttal.“It looks like he’ll round into a pretty decent ball player here,” Nash deadpanned.Bryant may not have offered much explosiveness. But Bryant hit plenty of step-back jumpers mostly in the post and along the elbows. He thrived in those areas mostly under Phil Jackson’s triangle offense and it appears Scott’s system will heavily feature Bryant in those same spots. More importantly, both Scott and Bryant believe that strategy will conserve his energy.“It keeps him fresher,” Scott said. “He’s not running all over the place. He’s not running from the hash mark all the way down to the baseline. He’s in a pretty nice confined area that he can really work. He feels that way as well. The one thing he said tonight is that he felt fantastic and didn’t feel tired.”Bryant felt that way despite participating in Scott’s training camp that puts a heavy emphasis on running.“We’re not close to being tired,” Bryant said. “We did so much conditioning that we felt we could run all day.”Injury updateThe Lakers’ string of injuries from last season have carried over into training camp.The Lakers estimate Nick Young will stay sidelined for eight weeks after having surgery Monday to treat a torn ligament in his right thumb. Lakers forward Wesley Johnson also suffered a patellar tendon strain in left knee against Denver after posting nine points on 4-of-6 shooting in 24 minutes. The Lakers plan to re-evaluate Johnson on Tuesday and will likely have limitations in practice, but both Johnson and Scott downplayed the injury.“There’s nothing that can stop him from playing,” Scott said.Still, the Lakers are already thin at small forward with injuries to Ryan Kelly (strained left hamstring) and Xavier Henry (back spasms).“On offense, we’ll find a way to score,” Johnson said. “We’ll definitely miss Nick and hope he gets back. But our main thing is stopping people on defense.” Newsroom GuidelinesNews TipsContact UsReport an Error SAN DIEGO >> The return came amid a backdrop of noise usually only reserved for Lakers playoff games.Kobe Bryant’s fadeaway jumpers and pinpoint passes sparked screams. Bryant’s airball elicited startled reactions. Bryant’s hustle for a loose ball that entailed nearly crashing into a courtside fan wearing his jersey prompted both gasps and applause.Under normal circumstances, this game meant nothing.The Lakers’ 98-95 victory Monday against the Denver Nuggets at Valley View Casino Center represented the first of eight preseason games the team will use to sort out roster combinations.center_img Under Bryant’s circumstances, this game meant everything.Bryant’s 13 points on 5-of-12 shooting, five assists and two rebounds in 21 minutes against Denver provided one of perhaps many rebuttals on anyone skeptical he could return successfully after an injured left knee kept him sidelined for the past 10 months.“I felt like I could do anything I wanted,” Bryant said. “This is the healthiest I’ve been in a couple of years.”So much that a spry Bryant chased a loose ball in the first quarter and nearly took out a Lakers fan. “I was more worried about the fan sitting there,” Bryant said. “I didn’t want to run him over.”last_img read more

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