States With the Largest (and Smallest) Tax Burden
Does your state have it the best when it comes to taxes? Or the worst?
This story originally appeared on HireAHelper.
What is the landscape of taxes in America going into 2021? The Tax Cuts and Jobs Act, which was signed into law in 2017 by President Donald Trump, reduced personal income tax rates for most people across the nation. However, that same piece of tax legislation also put a cap on state and local tax (SALT) deductions. Formerly, taxpayers who itemize could deduct the total amount of state and local taxes paid on their federal tax return, which significantly reduced an individual’s federal tax burden. But the new tax code caps SALT deductions at $10,000 a change that has made living in high-tax states even more expensive for high earners.