Most & Least Taxing States: 2014

By Rebecca Helmes of Bloomberg BNA - 2014-04-14T23:05:22Z

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Nebraska enacted several tax cuts in early April, which include indexing tax brackets for inflation, exempting more Social Security income from taxes, a sales tax exemption for farm machinery, an increase to the state's property tax credit program and the expansion of a property tax homestead exemption.

Note: Transfer to a spouse or charitable organization is tax-free; transfer to descendants and siblings is taxed at 1 percent with a $40,000 exemption; transfers to aunts, uncles, nieces and nephews are taxed at 13 percent with a $15,000 exemption. All other transfers are taxed at 18 percent with a $10,000 exemption.