Most & Least Taxing States 2012

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

Photograph by Michel Fortier/Bloomberg

Company Symbol % Change
10 of 53

Florida

Income tax: None
State sales tax: 6%
Property tax per capita: $1,649
Inheritance tax: None
Estate tax: None

Retirees have good reason to flock to Florida. It joins 13 other states in having no state tax on Social Security, and it has no tax on capital gains or inheritance. Revenue must come from somewhere, so property tax per capita ranks in the nation's top 10. In 2011 and 2012, Florida Governor Rick Scott adopted several business tax cuts, including raising the exemption on corporate income from $5,000 to $25,000 for 2012 and $50,000 beginning in the 2013 tax year. This year, lawmakers also opted against enacting a measure that would require online retailers, such as Amazon, to collect sales tax on transactions with Florida residents.

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