This tax season it's better in Florida (than NY, for sure)

Reporter - News Analyst

Dave Barry on the dollar
(source: npr.org)

It's income tax time again, Americans:  time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta.  ~Dave Barry

As we approach the April 15 tax-filing deadline, here are a couple of statistics that might make you hurt less when you write that check to the U.S. Treasury.  According to a study that appeared on the Wallet Hub website, Florida has been ranked the 4^th best state to be a taxpayer.  We pay roughly $3,648 annually in state and local taxes, 48% lower than the national average.  Only three states can top that:  Wyoming and Alaska, at 66% below national average, trailed by Nevada at 52% below national average.  Contrast that with many of the states that our newcomers fled, like New York (39% above the national average), Illinois (29% above), and New Jersey (27% above). The average annual tax bill for New Yorkers is $9,718.  For complete results, visit http://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/#complete-rankings.

The Tax Foundation has also released its 2014 edition of the State Business Tax Climate Index.  Florida ranks 5^th in this index behind Wyoming, South Dakota, Alaska and Nevada.  According to Tax Foundation, “The absence of a major tax is a dominant factor in vaulting many of these ten states to the top of the rankings.  Property taxes and unemployment insurance taxes are levied in every state; … Florida has no individual income tax.”  New York and New Jersey are the bottom ranked states in this index.

Florida’s overall rank of 5^th has several other key components.  The state rankings for other Florida taxes:

• Corporate tax rank  - 13
• Individual income tax rank - 1
• Sales tax rank - 18
• Unemployment insurance tax rank - 6
• Property tax rank  -  16

For complete rankings and other useful information, visit http://taxfoundation.org/article/2014-state-business-tax-climate-index

March 20, 2014 5:00 p.m.