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Most & Least Taxing States 2012

By Bloomberg BNA - 2012-04-13T16:45:59Z

Photograph by AFP/Getty Images

Company Symbol % Change
43 of 53

Tennessee

Income tax: None
State sales tax: 7%
Property tax per capita: $752
Inheritance tax: None*
Estate tax: 5.5% to 9.5% with a $1 million exemption

Tennessee does not tax income, apart from a 6 percent levy on interest and dividends. Capital gains are exempt. Still, investors should be aware that the state inheritance tax allows tax-free transfer only to a spouse. According to the Tax Foundation, Tennessee leads the pack in state and local sales tax rates, with a combined rate of 9.45 percent.

*Tennessee calls its tax on dying an "inheritance tax," but it functions as an estate tax.

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