Highest and Lowest Tax Rates – 2014 State and Local Taxes
State and local retail sales tax rates can have an effect on an area’s population as well as its ability to attract businesses. There is a lot to be read from the tax data that is gathered around the country and there is a lot of important information that is revealed when you take a long look at how much others pay to live in an area.
What Does The Data Tell Us?
When we examine retail tax rates for any given state, it is incorrect to judge a state simply by its overall tax rate. There are tax laws on the books in many states that allow certain municipalities the right to create their own retail tax rate. For example, the retail tax rate in the state of New York varies from county to county and is a combination of the state rate and the local rate.
State and local tax data, when grouped together, will give us an indication of what the true retail sales tax rates are in an area. This can often be in great contrast to the numbers that are generated by only looking at state tax rates. Read the rest of this entry »