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States benefitting the most from the new tax code

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ShutterstockProfessional

States benefitting the most from the new tax code

In late 2017, the House of Representatives passed the final version of a $1.5 trillion tax bill, the most comprehensive overhaul of the tax code in decades. After cheers from the right and boos from the left quieted down, wide swaths of American taxpayers were left wondering one thing: How will this affect our bank accounts? 

Though experts have already noted which provisions could affect your tax return the most, nearly 60 percent of Americans still say they don’t understand exactly what will change. In order to provide a broad overview of how the new tax code will impact the country, Wallethub ranked the impact on all 50 states and the District of Columbia. Wallethub used data on average tax changes for different income brackets from the Institute on Taxation and Economic Policy's 2018 report to generate estimates of each state’s average tax change using a regression model. Wallethub ranked the impact on low-income families who make $25,000 per year, middle-income families who make $50,000 per year and high-income families who make $150,000 per year, in addition to ranking the states overall (the higher the ranking, the more affected that state is by the new code). Read on to see how the new tax code will affect residents in your state in 2018—and decide whether or not you might want to hire an accountant for the next tax season.

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Tim Kiser // Wikicommons

#51. West Virginia

‘Low-income families’ ($25,000 annual income) rank: 46

‘Middle-income families’ ($50,000 annual income) rank: 50

‘High-income families’ ($150,000 annual income) rank: 44

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John Phelan // Wikicommons

#50. Connecticut

‘Low-income families’ ($25,000 annual income) rank: 41

‘Middle-income families’ ($50,000 annual income) rank: 49

‘High-income families’ ($150,000 annual income) rank: 45

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Terabass // Wikicommons

#49. New York

‘Low-income families’ ($25,000 annual income) rank: 32

‘Middle-income families’ ($50,000 annual income) rank: 43

‘High-income families’ ($150,000 annual income) rank: 50

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MaxPixel

#48. Maryland

‘Low-income families’ ($25,000 annual income) rank: 10

‘Middle-income families’ ($50,000 annual income) rank: 48

‘High-income families’ ($150,000 annual income) rank: 46

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GoodFreePhotos

#47. New Jersey

‘Low-income families’ ($25,000 annual income) rank: 15

‘Middle-income families’ ($50,000 annual income) rank: 25

‘High-income families’ ($150,000 annual income) rank: 49

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DPPed // Wikicommons

#46. Arizona

‘Low-income families’ ($25,000 annual income) rank: 2

‘Middle-income families’ ($50,000 annual income) rank: 51

‘High-income families’ ($150,000 annual income) rank: 51

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GoodFreePhotos

#45. Mississippi

‘Low-income families’ ($25,000 annual income) rank: 16

‘Middle-income families’ ($50,000 annual income) rank: 45

‘High-income families’ ($150,000 annual income) rank: 47

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SchuminWeb // Wikicommons

#44. Virginia

‘Low-income families’ ($25,000 annual income) rank: 40

‘Middle-income families’ ($50,000 annual income) rank: 30

‘High-income families’ ($150,000 annual income) rank: 41

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M.O. Stevens // Flickr

#43. Oregon

‘Low-income families’ ($25,000 annual income) rank: 45

‘Middle-income families’ ($50,000 annual income) rank: 28

‘High-income families’ ($150,000 annual income) rank: 39

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R.Hood Photography // Wikicommons

#42. Pennsylvania

‘Low-income families’ ($25,000 annual income) rank: 48

‘Middle-income families’ ($50,000 annual income) rank: 38

‘High-income families’ ($150,000 annual income) rank: 30

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Public Domain Pictures

#41. Georgia

‘Low-income families’ ($25,000 annual income) rank: 18

‘Middle-income families’ ($50,000 annual income) rank: 46

‘High-income families’ ($150,000 annual income) rank: 35

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Wikicommons

#40. Maine

‘Low-income families’ ($25,000 annual income) rank: 38

‘Middle-income families’ ($50,000 annual income) rank: 47

‘High-income families’ ($150,000 annual income) rank: 23

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GoodFreePhotos

#39. Massachusetts

‘Low-income families’ ($25,000 annual income) rank: 34

‘Middle-income families’ ($50,000 annual income) rank: 11

‘High-income families’ ($150,000 annual income) rank: 43

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Seifler // Wikicommons

#38. Kentucky

‘Low-income families’ ($25,000 annual income) rank: 17

‘Middle-income families’ ($50,000 annual income) rank: 32

‘High-income families’ ($150,000 annual income) rank: 42

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Yinan Chen // Wikicommons

#37. Wisconsin

‘Low-income families’ ($25,000 annual income) rank: 28

‘Middle-income families’ ($50,000 annual income) rank: 27

‘High-income families’ ($150,000 annual income) rank: 40

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Daniel Schwen // Wikicommons

#36. Missouri

‘Low-income families’ ($25,000 annual income) rank: 21

‘Middle-income families’ ($50,000 annual income) rank: 40

‘High-income families’ ($150,000 annual income) rank: 29

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Ken Lund // Wikicommons

#35. Michigan

‘Low-income families’ ($25,000 annual income) rank: 24

‘Middle-income families’ ($50,000 annual income) rank: 35

‘High-income families’ ($150,000 annual income) rank: 32

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Jim Bowen // Wikicommons

#34. Iowa

‘Low-income families’ ($25,000 annual income) rank: 13

‘Middle-income families’ ($50,000 annual income) rank: 26

‘High-income families’ ($150,000 annual income) rank: 38

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Khanrak // Wikicommons

#33. South Carolina

‘Low-income families’ ($25,000 annual income) rank: 11

‘Middle-income families’ ($50,000 annual income) rank: 31

‘High-income families’ ($150,000 annual income) rank: 36

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Marcbela // Wikicommons

#32. Rhode Island

‘Low-income families’ ($25,000 annual income) rank: 6

‘Middle-income families’ ($50,000 annual income) rank: 42

‘High-income families’ ($150,000 annual income) rank: 33

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Doug Kerr // Wikicommons

#31. Minnesota

‘Low-income families’ ($25,000 annual income) rank: 9

‘Middle-income families’ ($50,000 annual income) rank: 37

‘High-income families’ ($150,000 annual income) rank: 34

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Public Domain Pictures

#30. Vermont

‘Low-income families’ ($25,000 annual income) rank: 51

‘Middle-income families’ ($50,000 annual income) rank: 23

‘High-income families’ ($150,000 annual income) rank: 19

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Audree // Wikicommons

#29. Montana

‘Low-income families’ ($25,000 annual income) rank: 49

‘Middle-income families’ ($50,000 annual income) rank: 36

‘High-income families’ ($150,000 annual income) rank: 11

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GoodFreePhotos

#28. California

‘Low-income families’ ($25,000 annual income) rank: 5

‘Middle-income families’ ($50,000 annual income) rank: 5

‘High-income families’ ($150,000 annual income) rank: 48

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Max Pixel

#27. Louisiana

‘Low-income families’ ($25,000 annual income) rank: 26

‘Middle-income families’ ($50,000 annual income) rank: 41

‘High-income families’ ($150,000 annual income) rank: 14

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GoodFreePhotos

#26. Utah

‘Low-income families’ ($25,000 annual income) rank: 31

‘Middle-income families’ ($50,000 annual income) rank: 12

‘High-income families’ ($150,000 annual income) rank: 37

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Robbymilo // WIkicommons

#25. Idaho

‘Low-income families’ ($25,000 annual income) rank: 33

‘Middle-income families’ ($50,000 annual income) rank: 33

‘High-income families’ ($150,000 annual income) rank: 15

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Bz3rk // Wikicommons

#24. North Carolina

‘Low-income families’ ($25,000 annual income) rank: 29

‘Middle-income families’ ($50,000 annual income) rank: 16

‘High-income families’ ($150,000 annual income) rank: 31

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Max Pixel

#23. Colorado

‘Low-income families’ ($25,000 annual income) rank: 19

‘Middle-income families’ ($50,000 annual income) rank: 29

‘High-income families’ ($150,000 annual income) rank: 21

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tpsdave // Wikicommons

#22. Indiana

‘Low-income families’ ($25,000 annual income) rank: 35

‘Middle-income families’ ($50,000 annual income) rank: 22

‘High-income families’ ($150,000 annual income) rank: 16

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Max Pixel

#21. Florida

‘Low-income families’ ($25,000 annual income) rank: 36

‘Middle-income families’ ($50,000 annual income) rank: 34

‘High-income families’ ($150,000 annual income) rank: 9

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Andrew Filer // Wikicommons

#20. North Dakota

‘Low-income families’ ($25,000 annual income) rank: 23

‘Middle-income families’ ($50,000 annual income) rank: 44

‘High-income families’ ($150,000 annual income) rank: 10

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P199 // Wikicommons

#19. New Hampshire

‘Low-income families’ ($25,000 annual income) rank: 12

‘Middle-income families’ ($50,000 annual income) rank: 21

‘High-income families’ ($150,000 annual income) rank: 22

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Pedro Szekely // Flickr

#18. Illinois

‘Low-income families’ ($25,000 annual income) rank: 7

‘Middle-income families’ ($50,000 annual income) rank: 18

‘High-income families’ ($150,000 annual income) rank: 28

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IIP Photo Archive // Flickr

#17. Hawaii

‘Low-income families’ ($25,000 annual income) rank: 27

‘Middle-income families’ ($50,000 annual income) rank: 10

‘High-income families’ ($150,000 annual income) rank: 26

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Carol M. Highsmith // Wikicommons

#16. Nebraska

‘Low-income families’ ($25,000 annual income) rank: 3

‘Middle-income families’ ($50,000 annual income) rank: 24

‘High-income families’ ($150,000 annual income) rank: 27

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Kristin Nador // Flickr

#15. Kansas

‘Low-income families’ ($25,000 annual income) rank: 42

‘Middle-income families’ ($50,000 annual income) rank: 8

‘High-income families’ ($150,000 annual income) rank: 17

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Brylie Oxley // Washington

#14. Washington

‘Low-income families’ ($25,000 annual income) rank: 20

‘Middle-income families’ ($50,000 annual income) rank: 6

‘High-income families’ ($150,000 annual income) rank: 25

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Ben Townsend // Wyoming

#13. Wyoming

‘Low-income families’ ($25,000 annual income) rank: 50

‘Middle-income families’ ($50,000 annual income) rank: 39

‘High-income families’ ($150,000 annual income) rank: 3

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GoodFreePhotos

#12. Oklahoma

‘Low-income families’ ($25,000 annual income) rank: 39

‘Middle-income families’ ($50,000 annual income) rank: 19

‘High-income families’ ($150,000 annual income) rank: 6

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GoodFreePhotos

#11. New Mexico

‘Low-income families’ ($25,000 annual income) rank: 25

‘Middle-income families’ ($50,000 annual income) rank: 3

‘High-income families’ ($150,000 annual income) rank: 24

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Dk4hb // Wikicommons

#10. South Dakota

‘Low-income families’ ($25,000 annual income) rank: 30

‘Middle-income families’ ($50,000 annual income) rank: 13

‘High-income families’ ($150,000 annual income) rank: 12

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Delaware National Guard

#9. Delaware

‘Low-income families’ ($25,000 annual income) rank: 14

‘Middle-income families’ ($50,000 annual income) rank: 4

‘High-income families’ ($150,000 annual income) rank: 20

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Ed Schipul // Wikicommons

#8. Texas

‘Low-income families’ ($25,000 annual income) rank: 4

‘Middle-income families’ ($50,000 annual income) rank: 17

‘High-income families’ ($150,000 annual income) rank: 13

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GoodFreePhotos

#7. Ohio

‘Low-income families’ ($25,000 annual income) rank: 43

‘Middle-income families’ ($50,000 annual income) rank: 9

‘High-income families’ ($150,000 annual income) rank: 5

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jglazer75 // Wikicommons

#6. Arkansas

‘Low-income families’ ($25,000 annual income) rank: 8

‘Middle-income families’ ($50,000 annual income) rank: 7

‘High-income families’ ($150,000 annual income) rank: 4

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Amadscientist // Wikicommons

#5. Nevada

‘Low-income families’ ($25,000 annual income) rank: 37

‘Middle-income families’ ($50,000 annual income) rank: 2

‘High-income families’ ($150,000 annual income) rank: 7

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Andrew Bossi // Wikicommons

#4. District of Columbia

‘Low-income families’ ($25,000 annual income) rank: 1

‘Middle-income families’ ($50,000 annual income) rank: 20

‘High-income families’ ($150,000 annual income) rank: 18

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GoodFreePhotos

#3. Tennessee

‘Low-income families’ ($25,000 annual income) rank: 22

‘Middle-income families’ ($50,000 annual income) rank: 14

‘High-income families’ ($150,000 annual income) rank: 2

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André Natta // Flickr

#2. Alabama

‘Low-income families’ ($25,000 annual income) rank: 47

‘Middle-income families’ ($50,000 annual income) rank: 15

‘High-income families’ ($150,000 annual income) rank: 1

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Alan Wu // Wikicommons

#1. Alaska

‘Low-income families’ ($25,000 annual income) rank: 44

‘Middle-income families’ ($50,000 annual income) rank: 1

‘High-income families’ ($150,000 annual income) rank: 8

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