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Most & Least Taxing States 2013

By Rebecca Helmes of Bloomberg BNA - 2013-04-19T17:41:14Z

Photograph by Getty Images

Company Symbol % Change
16 of 54

Iowa

Top income tax rate: 8.98%
Sales tax: 6%
Property tax per capita: $1,367
Inheritance tax: See note*

The top bracket of Iowa's state income tax reaches 8.98 percent at $67,230 in 2013, a relatively low threshold compared with those in other states. The state's tax on Social Security income will be phased out in 2014, according to Bloomberg BNA. If you want to raise a toast in celebration, it'll cost you: Iowa has one of the highest excise tax rates on table wine and spirits, according to the Tax Foundation and the Distilled Spirits Council of the United States. Iowa has a budget surplus and state policymakers are clashing over whether to credit that surplus back to taxpayers or cut taxes elsewhere.

*Spouse, lineal-ascendant and lineal-descendant transfer is tax-free; sibling or child-in-law transfer is taxed at 5 percent to 10 percent; all other transfers are taxed at 10 percent to 15 percent.

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