Inversions have been in the news consistently this summer as multiple companies have looked for legal paths away from the U.S. corporate tax system. Burger King became the latest corporation to add to the list after they...
- Monday Map: State Income and Sales Tax Deductions
Monday Map: State Income and Sales Tax Deductions
Today's Monday Map shows which states benefit from the federal income tax deduction for state taxes. Taxpayers can elect to deduct either state income or sales taxes, but not both; in most states, the income tax deduction is worth more. New Yorkers deducted state taxes worth 6.16% of their income, to take the top spot. Alaska, where state income and sales tax deductions amounted to only 0.26% of the state's income, comes in last. (Alaska has no income tax, no state sales tax, and small local sales taxes.)
Click on the map to enlarge it.
View previous Monday maps here.
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