Delaware ranks as a good place for low, medium or high income taxpayers. (Click on map below to see state rankings).
The ranking comes from the personal-finance website WalletHub and its 2019’s Best States to Be Rich or Poor from a Tax Perspective.
WalletHub calculated the share of one’s income that he or she contributes toward sales and excise taxes, property taxes and income taxes.
Delaware ranked:
- 1st– Low Income Earners (5.24% of Income)
- 2nd– Middle Income Earners (5.74% of Income)
- 10th– High Income Earners (6.88% of Income)
The First State is known for having a high income tax, along with low property taxes, low vehicle and gas taxes and no sales tax. Some have argued that the high income tax rate drives upper income persons to Florida and other states without an income tax.
The state relies heavily fees paid by companies that incorporate in Delaware. Of late, controversy has swirled around limited liability companies incorporated in Delaware have been tied to drug lords and scandals facing the Trump administration.
For the full report, visit:
http://wallethub.com/edu/best-states-to-be-rich-poor-from-a-tax-perspective/11257/
