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Florida’s Tax Burden One of Lowest in U.S.

This article via Florida Realtors discusses the tax burden in three US states: California, Texas, and Florida, using data from WalletHub, a financial services firm. The median annual state and local taxes for a Californian household were estimated to be $9,612, compared to $8,006 for a Texan household and $5,355 for a Floridian household. Despite having lower tax rates than the national average, California’s tax burden ranks ninth highest in the country due to high incomes and property values. Texas ranks 32nd, and Florida ranks 45th. The tax burden is calculated as the property, individual income, and sales and excise tax as a share of personal income.

The article notes that incomes and housing costs tend to be higher on average in California, which can contribute to higher tax bills. It also mentions President Joe Biden’s proposed tax increases on those with incomes over $400,000, which would include an increase in the Medicare tax rate and a minimum tax rate on wealth over $100 million.

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