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24/7 Wall St.: States with the Highest (and Lowest) Taxes

States with the Lowest Taxes

1. Alaska

Taxes paid by residents as pct. of income: 7.0%
Total state and local taxes collected: $6.17 billion (11th lowest)
Pct. of total taxes paid by residents: 24.5% (the lowest)
Pct. of total taxes paid by non-residents: 75.5% (the highest)

Less than a quarter of all taxes in Alaska were paid by residents, by far the lowest rate in the U.S. Oil taxes made up the vast majority of the state’s revenue collection, amounting to $6.2 billion in 2010 and $7 billion in 2011, and likely to be even higher in 2012 due to rising oil prices. Alaska was one of just seven states without an individual income tax and one of just five without a state sales tax. However, Alaska collected $1,714 in property taxes per capita, the 10th highest of all states.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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