NASHVILLE, Tenn. (WKRN) — The deadline to file federal income taxes is approaching — a new report suggests Tennesseans may be less burdened by state and local taxes than other Americans.
WalletHub, a personal finance website and app, took a look at each state’s “tax burden” — or the share of total personal income that people pay in state and local taxes — and found that Tennessee had one of the lowest tax burdens in the country. In fact, the Volunteer State was found to have the third lowest tax burden in the U.S.
Not only was Tennessee ranked third lowest for total tax burden, but the Volunteer State also came in as the third lowest for property tax burdens. Tennessee also came in at seventh-lowest in the U.S. for individual income tax burden — likely due to the fact that there is no state income tax in Tennessee…