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

States with the Lowest Taxes

5. Wyoming

Taxes paid by residents as pct. of income: 7.8%
Total state and local taxes collected: $3.48 billion (5th lowest)
Pct. of total taxes paid by residents: 33.1% (2nd lowest)
Pct. of total taxes paid by non-residents: 66.9% (2nd highest)

Wyoming is just one of two states where more than two-thirds of the total tax revenue came from non-residents. The oil and gas industry provided $1.9 billion to state coffers in fiscal 2010. The state is just one of seven that does not levy any income tax, while its 4% sales tax was significantly lower than the national median of 6%. Wyoming residents made that up in property taxes. State and local governments received $2,321 in property taxes per capita, the fourth highest in the U.S.

(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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