Taxes are a major cause of confusion and stress in most American’s lives. Which is why WalletHub set out to do a survey of what Americans think is fair when it comes to taxes. And surprisingly, most Americans can agree on what they believe is fair. I recently spoke to WalletHub spokesperson Jill Gonzalez about the results of their study on The Pete the Planner Radio Show. Listen below to hear about this fascinating study:
This survey was designed to include a cross section of Americans by age, race, gender, and economic status, with the intent of getting a sold grasp on how all Americans view tax fairness. The results are interesting, mainly because the survey was non-partisan which helped those surveyed answer honestly. And what happened was the majority of those surveyed actually agreed on what is fair. They believe that richer Americans should pay more taxes than poorer Americans. But opinions alone weren’t the only factors in this survey. Raw data from each state was measured against the opinions of the surveyed. This combination of subjective and objective gave an interesting look into how each state’s tax system ranked in fairness.
The top five states for tax fairness are 1) Montana 2) Oregon 3) South Carolina 4) Delaware 5) Idaho. My own dear state of Indiana? Is all the way down the list at 45th least fair tax system. Our available tax credits are the only thing keeping us from being at the very bottom of the list. Indiana is also the 6th worst state for the middle class being overtaxed, and 7th worst for overtaxing those who make the least amount of money. See the full survey results here.
The results about my state are pretty disturbing but, honestly, that disappointment is outweighed by the excitement that the majority of Americans actually agree on something. Stripped of political party lines, we can actually agree on what is fair. That to me, is a victory.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.