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States benefitting the most from the new tax code

  • States benefitting the most from the new tax code
    1/ 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.

  • #51. West Virginia
    2/ 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

  • #50. Connecticut
    3/ 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

  • #49. New York
    4/ 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

  • #48. Maryland
    5/ 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

  • #47. New Jersey
    6/ 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

  • #46. Arizona
    7/ 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

  • #45. Mississippi
    8/ 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

  • #44. Virginia
    9/ 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

  • #43. Oregon
    10/ 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

  • #42. Pennsylvania
    11/ 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

  • #41. Georgia
    12/ 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

  • #40. Maine
    13/ 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

  • #39. Massachusetts
    14/ 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

  • #38. Kentucky
    15/ 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

  • #37. Wisconsin
    16/ 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

  • #36. Missouri
    17/ 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

  • #35. Michigan
    18/ 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

  • #34. Iowa
    19/ 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

  • #33. South Carolina
    20/ 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

  • #32. Rhode Island
    21/ 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

  • #31. Minnesota
    22/ 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

  • #30. Vermont
    23/ 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

  • #29. Montana
    24/ 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

  • #28. California
    25/ 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

  • #27. Louisiana
    26/ 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

  • #26. Utah
    27/ 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

  • #25. Idaho
    28/ 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

  • #24. North Carolina
    29/ 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

  • #23. Colorado
    30/ 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

  • #22. Indiana
    31/ 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

  • #21. Florida
    32/ 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

  • #20. North Dakota
    33/ 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

  • #19. New Hampshire
    34/ 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

  • #18. Illinois
    35/ 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

  • #17. Hawaii
    36/ 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

  • #16. Nebraska
    37/ 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

  • #15. Kansas
    38/ 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

  • #14. Washington
    39/ 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

  • #13. Wyoming
    40/ 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

  • #12. Oklahoma
    41/ 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

  • #11. New Mexico
    42/ 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

  • #10. South Dakota
    43/ 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

  • #9. Delaware
    44/ 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

  • #8. Texas
    45/ 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

  • #7. Ohio
    46/ 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

  • #6. Arkansas
    47/ 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

  • #5. Nevada
    48/ 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

  • #4. District of Columbia
    49/ 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

  • #3. Tennessee
    50/ 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

  • #2. Alabama
    51/ 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

  • #1. Alaska
    52/ 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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