News
Study: South Carolina Is 2020’s State with the 10th Lowest Tax Burden
WalletHub recently released its study on the 2020 Tax Burden by State report and South Carolina ranked as having the 10th lowest tax burden.
In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.
Tax Burden in South Carolina (1=Highest, 25=Avg.):
- 41st – Overall Tax Burden (7.48%)
- 24th – Property Tax Burden (2.88%)
- 32nd – Individual Income Tax Burden (1.98%)
- 42nd – Total Sales & Excise Tax Burden (2.62%)
To see the full report, click here.
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