From: Diana Popa, wallethub
With Tax Day looming large and sweeping tax reform passed in recent months, WalletHub today released its 2018 Taxpayer Survey as well as its yearly Tax Rates by State report in order to help people better understand this confusing time of year. WalletHub’s Taxpayer Survey features a wide range of fun facts about people’s opinions on tax prep, the IRS and more, while the tax rate report compares the cost of the average person’s various obligations in the 50 states and the District of Columbia. Surprisingly, WalletHub found that states with no income tax aren’t always the cheapest overall, as they tend to have higher sales and property taxes.
You can find highlights from both below, followed by the full list of WalletHub’s 2018 taxpayer resources:
Tax Rates in Illinois (1=Lowest; 25=Avg.):
- 51st – Overall Effective State & Local Tax Rate
- 30th – Income Tax
- 50th – Real-Estate Tax
- 27th – Sales & Excise Taxes
2018 Taxpayer Survey
- Fewer than 4 in 10 people are happy with President Trump’s tax reforms. 69% of people think the reforms are better for corporations than consumers, and 67% think they benefit the rich more than the middle class.
- 90% of people think the government currently does not spend their tax dollars wisely.
- 30% of people say making a math mistake is their biggest Tax Day fear, edging out not having enough money (29%) atop the list.
- 37% of people would move to a different country for a tax-free future. 24% would get an “IRS” tattoo, 22% would switch political parties, and 15% would take a vow of celibacy.
- 29% of people like their in-laws more than the IRS, 13% prefer cold showers, and 9% would take a traffic jam.
WalletHub’s 2018 Taxpayer Resources
- What To Do If You Can’t Pay
- Pros & Cons Of Paying With Credit
- Tax Scams & Tips for Avoiding Them
- Last-Minute Tax Tips
- Property Taxes by State
Please let me know if you have any questions or if you would like to schedule a phone, Skype or in-studio interview with one of our experts. Full data sets for specific states and the District are also available upon request.