Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Most & Least Taxing States: 2014

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

Company Symbol % Change
41 of 56

  

Pennsylvania's 3.07 percent flat income tax rate is the lowest top rate of states that impose individual income tax, according to the Tax Foundation, and its property tax collections per capita of $1,305 are 25th lowest nationally. Taxpayers here work until April 17 to earn enough to pay the year's total tax bill.

Pennsylvania has one of the highest corporate income tax rates of the states, at 9.9 percent. Only two jurisdictions -- Iowa (12 percent) and the District of Columbia (9.975 percent) -- have higher rates. Not all of the state’s taxes are high; a recent report found that Pennsylvania has among the lowest taxes on gas drilling in the country.

*Flat rate

Note: Transfer to a spouse or from a child age 21 or younger to a parent is tax-free; transfer to lineal descendants and children-in-law is taxed at 4.5 percent; transfers to siblings are taxed at 12 percent; all other transfers taxed at 15 percent.

Advertisement