Wednesday, February 26, 2014 - 5:00am
DE #1 Tax Friendly State in the U.S.
Updated Wednesday, February 26, 2014 - 9:29am
Delaware is the #1 tax-friendly state in the United States, according to Kiplinger Magazine.
Kiplinger says the First State is on its list for taxpayers. Delaware has NO sales tax and its income tax rates are modest; they range from a low of 2.2-percent on taxable income of $2,001 to $5,000, to a high of 6.75-percent on taxable income above $60,000. The top rate decreased to 6.6-percent on January 1.
Delaware also has some of the lowest property tax rates in the U.S., according to the Tax Foundation. The median property tax on the state's median home value of $249,400 is $1,078; that's low compared to other states.
Excise taxes on beer and wine are also modest: 16-cents per gallon for beer and 97-cents for a gallon of wine. Youâll pay only $1.60 in state taxes for a pack of Marlboros.
Rounding out the Top five on Kiplinger's list are Wyoming, Louisiana, Mississippi and Arizona.
Copyright © Nov 26, 2014, Delaware 105.9/Delmarva Broadcasting Company. All Rights Reserved.
This material may not be published, broadcast, rewritten, or redistributed.