Connect with us

NEWS

Tax rates across the country

Published

on

Tax season can be stressful for the millions of Americans who owe money to Uncle Sam. Every year, the average U.S. household pays more than $7,800 in federal income taxes, according to the Bureau of Labor Statistics. And while we’re all faced with that same obligation, there is significant difference when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states.

Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.83% of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe almost 5% of their income in sales and excise taxes, and just 0.77% in real estate tax.

As this year’s tax-filing deadline, April 15, comes closer, it’s fair to wonder which states give their taxpayers more of a break. WalletHub searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology. Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.83 percent of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe almost five percent of their income in sales and excise taxes, and just 0.77 percent in real estate tax.

As this year’s tax-filing deadline, April 15, comes closer, it’s fair to wonder which states give their taxpayers more of a break. WalletHub searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology.

Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over eight percent of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.83% of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe almost 5% of their income in sales and excise taxes, and just 0.77% in real estate tax.

As this year’s tax-filing deadline, April 15, comes closer, it’s fair to wonder which states give their taxpayers more of a break. WalletHub searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Scroll down for the complete ranking, commentary from a panel of tax experts and a full description of our methodology.

Source: WalletHub

Continue Reading

NEWS

Commissioners to meet on Dec. 23

Published

on

Montague County Commissioners will meet at 9 a.m. on Dec. 23.
The court will consider obligating $276,961.84 of American Rescue Plan funds to completing the new wastewater treatment plant that will serve the courthouse complex. Commissioners have been working on this project much of the year.
Montague County will apply to the Nortex Regional Planning Commission for a solid waste disposal grant to purchase a tire cutter for use by all four precincts.
Developers for Kingdom Estates Phase 2 subdivision will offer a plant for lots 6-10, 16.06 acres located in precinct two.
A cooperative agreement between Texas A&M AgriLife Extension and the county will be presented, along with a non-exclusive license and service agreement between Local Government Solutions and Justices of the Peace one and two.
Annual bonds for seven elected officials will be offered, along with the county attorney’s 2024 Chapter 59 Asset Forfeiture report.

Continue Reading

NEWS

New storm shelter grants available

Published

on

Montague County has received a grant from the Federal Emergency Management Agency to assist individuals with the purchase and installation of a residential storm shelter.
The shelter must be FEMA-approved and individuals must install and pay for the shelter. After installation and passing an inspection, the individual could be eligible for 50% reimbursement of the cost of the storm shelter up to a maximum $3,000 reimbursement.
The initial program allows for financial assistance for the installation of up to 100 storm shelters. Visit the Montague County website at co.montague.tx.us and click on “Safe Room Program,” and under quick links to see the qualifications and requirements for participation in the program.
There is no deadline to apply, but only 100 applicants will be accepted

Continue Reading

COUNTY LIFE

First day of winter arrives

Published

on

It’s here, the first day of winter marked by the winter solstice at 4:21 a.m. on Dec. 21.
The winter solstice is the day with the fewest hours of sunlight throughout the year, making it the “shortest day” of the year. Thankfully, after the winter solstice the days begin to grow longer and longer again and until the summer solstice, the first day of summer and the longest day of the year

Continue Reading
Ad
Ad
Ad
Ad
Ad

Trending