Michigan Has The Eighth Highest Tax Rate In The Nation
I don't mean to harsh your mellow but it's almost tax day, the day we sit down and ask ourselves, 'What do I get in return for all this money I'm paying?'
The answer: not much.
It looks like the State of Michigan is going to stick it to me again this year. A recently completed survey by WalletHub revealed Michigan as having the eighth highest tax rate in the country, which explains why there was no refund for yours truly, I actually had to pay out. So why are the roads so crappy?
The WalletHub survey took the following into account: incomes taxes, real estate tax (as compared to median home value), vehicle taxes and sales and excise taxes.
Michigan wound up 8th from the bottom after all was said and done. Only Ohio, Connecticut, Rhode Island, New York, Wisconsin, Nebraska and Illinois fared worse.
Michigan had the fifth highest gas taxes in the country per gallon, and was 14th in the highest income tax paid per capita.
Another recent study by WalletHub revealed Michigan had the 22nd largest tax burden which is the exact percentage of the total income going to taxes, which is a little better indicator of personal pain than the tax rate.
Does our tax rate seem too high? You're not alone in feeling that way. Over 60 percent of citizens surveyed agreed with that sentiment. while 35 percent felt the rate was too low. Those people in that latter category are clearly making way more then me.
Tax Day this year is April 18, which falls on a Tuesday, so at least that hurt won't muck up your Monday.
Good luck. We're all counting on you.