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Top 20 states for wealth

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Summary of 20 Best States to be Rich Based on Taxes

TLDR:

Residents in the top income brackets can spend less on taxes depending on where they live. WalletHub ranked all 50 states and Washington, D.C., to determine where people in different income brackets spend the most and least on various taxes. The top state has a 3.95% total tax as a percentage of income.

Summary:

According to WalletHub’s rankings, the best states to be rich from a tax perspective are as follows:

  • Alaska ranked 1st with an individual income tax burden of 3.95%.
  • New Hampshire ranked 2nd with an individual income tax burden of 5.72%.
  • North Dakota ranked 3rd with an individual income tax burden of 6.12%.

Other notable states on the list include Florida, Wyoming, Nevada, Tennessee, Montana, Texas, and Delaware. These states offer favorable tax environments for high-income earners, allowing them to retain more of their income.

Key Elements:

  • WalletHub ranked all 50 states and Washington, D.C., based on taxes for high-income earners.
  • Alaska emerged as the top state with the lowest individual income tax burden of 3.95%.
  • States like New Hampshire, North Dakota, Florida, and Wyoming also featured prominently on the list.


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