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Tax

The 20 best states to be rich

By Editorial Staff
June 18, 2024 5:30 AM
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While high earners already tend to pay a smaller percentage of their income in taxes, residents in the top income brackets can get even more out of their money and spend even less on taxes depending on where they live.

WalletHub recently ranked all 50 states and Washington, D.C., to determine where people in different income brackets spend the most and least on sales and excise taxes, property taxes, and income taxes, measuring the share of a resident's income that is contributed to taxes.

High-income earners in the top state of this ranking have a 3.95% total tax as a percentage of income. 

Scroll through to learn more about the best states to be rich from a tax perspective.

Source: WalletHub

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Indiana ranked 20th with an individual income tax burden of 8.85%.
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Oklahoma ranked 19th with an individual income tax burden of 8.82%.
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Michigan ranked 18th with an individual income tax burden of 8.77%.
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West Virginia ranked 17th with an individual income tax burden of 8.67%.
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Missouri ranked 16th with an individual income tax burden of 8.66%.
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Idaho ranked 15th with an individual income tax burden of 8.45%.
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North Carolina ranked 14th with an individual income tax burden of 8.44%.
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Alabama ranked 13th with an individual income tax burden of 8.14%.
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Arizona ranked 12th with an individual income tax burden of 7.99%.
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Delaware ranked 11th with an individual income tax burden of 7.64%.
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Texas ranked 10th with an individual income tax burden of 7.51%.
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Montana ranked 9th with an individual income tax burden of 7.37%.
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Tennessee ranked 8th with an individual income tax burden of 7.12%.
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Nevada ranked 7th with an individual income tax burden of 6.70%.
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South Dakota ranked 6th with an individual income tax burden of 6.55%.
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Florida ranked 5th with an individual income tax burden of 6.50%.
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Wyoming ranked 4th with an individual income tax burden of 6.22%.
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North Dakota ranked 3rd with an individual income tax burden of 6.12%.
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New Hampshire ranked 2nd with an individual income tax burden of 5.72%.
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Alaska ranked 1st with an individual income tax burden of 3.95%.
Editorial Staff
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