Here is a great link to the 50 states and the taxes they collect on your income, the goods you buy, and excise taxes on items like gas, cigarettes, alcohol etc. You can do some comparison shopping for the state you might want to live in our visit to get the best deal on a variety of taxes. Feel free to comment on what you learned about how our 50 states differ on the taxes they collect from their citizens.
Mr. Thompson
I am so glad that I don't like beer, or at least the smell of it, and Alaska, because if I did there would be a big hole in my wallet. The tax on beer is over a dollar for a gallon. I guess that's what happens when there is no sales tax.
ReplyDelete-Shannon Grill Hour:2
One tax that I was interested in knowing more about was the excise tax, and how much they really differ from state to state. It turns out, that the excise tax can differ a lot. For example, in New York the tax on cigarettes is 435 cents per pack while the tax on cigarettes in Missouri is only 17 cents per pack. That is a huge difference on the price of cigarettes. Another example of a vast difference in an excise tax from state to state is beer. In Alaska the excise tax is 1.07 per gallon, while in Wyoming the excise tax is only .02 of a dollar per gallon. It is really interesting to see how much more one thing can be in one state then another.
ReplyDeleteSarah Eckerman, Hour: 2
It motivates me when it comes to sales tax. We have always tried our best stay away from paying extra money; in other words, people have relocated their selves to decrease their spending. For instance, the tax towards the gasoline has touched the sky. In this expensive life, we should always compare state gasoline tax. According to the Federation of Tax Administrators, New Jersey has only 14.50 cents state tax for gasoline, whereas Minnesota has 28.1 cents state tax for gasoline, which is 13.6 cents more than New Jersey. Therefore, I would live in New Jersey.
ReplyDeleteKaran Lineswala, Hr:4
I am so glad that I do not smoke nor do I have a reason to ever do it because, not only does smoking kill you, it puts a deep hole in your wallet. In Minnesota for every pack of 20 you purchase the Government gets $1.23. What a better way for people to waste money on buying cigarettes and then
ReplyDeletethe governtment blows that money on something else. I thought it was interesting to read about the ciggarette tax increase, and how in the last 7 years it has gone up 75 cents. Luckily I dont ever have to worry about this kind of tax.
-Mike Schroeder Hr. 1
This was very interesting to look into! I compared Minnesota tax rates with Hawaii, because there of the difference in the cost of living. Minnesota's state tax rates on beer is about 15 cents per gallon, where as Hawaii's rate is about 93 cents per gallon. Minnesota's state tax rates on wine is about 30 cents per gallon, and Hawaii's rate is at the complete other end of the spectrum at $138 per gallon. But it's interesting then because Minnesota's taxes on tobacco products were about 70% wholesale price and Hawaii's was between 50-70% wholesale price. It is weird how some tax rates can be so opposite from state to state, but on the others can be so similar.
ReplyDeleteMegan Byrne
Hour 1
When I was looking at states' individual income taxes and was actually kind of surprised when I looked at the tax rate range. Some of the rates actually starting at 0.0% (South Carolina) and being as high as 11% (Hawaii). I looked at sales tax and South Carolina is 6 meanwhile Hawaii is brought to 4. I find it interesting how income tax and sales tax correlates.
ReplyDelete-Dominique Jones
Hr.1