Tuesday, April 7, 2009

Taxes Keeping You Down?


Posted by Stephen Mills; Group1A

All 50 states may use similar methods to fund their budgets -- taxes on income, sales, property, fuel, alcohol, tobacco -- but each does so with its own formula.

The differences can be extreme. If you lived in Alabama, one of the least-taxed states, you'd pay about $8.50 out of every $100 to the state. In Maine, on the other end of the scale, you'd fork out $14. On average, state and local governments combine to loosen about 10% of your income from your grasp.

A smoker wanting to save some dough might prefer to live in South Carolina, which charges just 7 cents a pack -- as opposed to the state tax average of $1.19. A heavy drinker might want to move from Oregon, where hard liquor is taxed at the rate of nearly $21 a gallon, to Maryland or Washington, D.C., which have the country's lowest liquor taxes, $1.50 a gallon.

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