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Sunday, December 22, 2024

Kentucky ranked ‘mixed’ in new Kiplinger tax guide

Taxation

The overall tax system in Kentucky was dubbed “mixed” in a recently released 50-state tax guide published by the Kiplinger business forecasting website.

Nine other states were also placed in this category.

Kiplinger gauged the tax burden in each state based on taxes that would be paid by a married couple with combined incomes of $150,000. Under Kiplinger’s scenario, the couple, who have two children, also receive $10,000 in dividend income and are paying a mortgage on a $400,000 house.

Kentucky has an average sales tax of 6 percent, an income tax of 5 percent, a gas tax per gallon of 26 cents and a median property tax of $925 per $100,000 of assessed tax valuation, according to the analysis.

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Kiplinger State-by-State Guide on Taxation

StateKiplinger Tax Rating
AlabamaTax-Friendly
AlaskaMost Tax-Friendly
ArizonaMost Tax-Friendly
ArkansasNot Tax-Friendly
CaliforniaTax-Friendly
ColoradoTax-Friendly
ConnecticutLeast Tax-Friendly
DelawareTax-Friendly
FloridaMost Tax-Friendly
GeorgiaMixed
HawaiiMixed
IdahoMixed
IllinoisLeast Tax-Friendly
IndianaMixed
IowaLeast Tax-Friendly
KansasLeast Tax-Friendly
KentuckyNot Tax-Friendly
LouisianaTax-Friendly
MaineNot Tax-Friendly
MarylandNot Tax-Friendly
MassachusettsNot Tax-Friendly
MichiganNot Tax-Friendly
MinnesotaNot Tax-Friendly
MississippiTax-Friendly
MissouriMixed
MontanaTax-Friendly
NebraskaLeast Tax-Friendly
NevadaMost Tax-Friendly
New HampshireMost Tax-Friendly
New JerseyLeast Tax-Friendly
New MexicoTax-Friendly
New YorkLeast Tax-Friendly
North CarolinaMixed
North DakotaMost Tax-Friendly
OhioLeast Tax-Friendly
OklahomaMixed
OregonNot Tax-Friendly
PennsylvaniaLeast Tax-Friendly
Rhode IslandNot Tax-Friendly
South CarolinaMixed
South DakotaMost Tax-Friendly
TennesseeMost Tax-Friendly
TexasTax-Friendly
UtahMixed
VermontNot Tax-Friendly
VirginiaTax-Friendly
WashingtonMost Tax-Friendly
West VirginiaMixed
WisconsinLeast Tax-Friendly
WyomingMost Tax-Friendly
Source: Kiplinger Washington Editors Inc.

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