NEW YORK (Circa)-The tax deadline is quickly approaching, but did you know where you live could have a major effect on how much you owe?
A new list published by WalletHub ranked all 50 states by the proportion of total personal income that residents pay toward state and local taxes, also known as the "tax burden."
In order to determine which states are hit hardest by the tax burden, WalletHub compared property taxes, individual income taxes and sales and excise taxes per state.
These are the top five states of 2018 that are most affected by the tax burden:
- #1: New York
- #2: Hawaii
- #3: Maine
- #4: Vermont
- #5: Minnesota
Here are some facts from the study:
Americans spend 8.1 billion hours doing taxes each year. The average person spends 15 hours and $270 completing his or her 1040.
7 in 10 taxpayers get a federal tax refund. The average refund in 2018 is $2,925, as of March 23.
Nearly one-third of people (30 percent) say their biggest Tax Day fear is making a math mistake on their taxes; topping not having enough money (29 percent), identity theft (25 percent) and getting audited (16 percent).
Twenty Two percent of Americans would switch political parties for a tax-free future. 37% would move to a different country and 24 percent would get an “IRS” tattoo.