Does Nevada have one of the lowest tax burdens in the US?
By Austin Tannenbaum
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NO
Although Nevada has a below-average tax burden, it is not typically ranked as one of the lowest among states.
Nevada does not levy an individual or corporate income tax — a point in its favor as one of nine states with such an exemption. The state also has a low property tax burden.
But Nevada recoups lost revenue from these sources with the second highest sales tax rate in the country as a share of personal income, according to WalletHub.
Overall, Nevada holds respectable, but not exceptional spots in tax-burden rankings:
- WalletHub ranked Nevada 33rd out of 50 for tax burden, with 50 being the lowest.
- Tax Foundation ranked Nevada as having the 18th out of 50 for tax burden, with 1 being the lowest.
- CNN Money ranked Nevada as having the 31st lowest taxes out of 50, with 50 being the lowest.
This fact brief is responsive to conversations such as this one.
Sources
Investopedia 9 States With No Income Tax
WalletHub Tax Burden by State
Tax Foundation State and Local Tax Burdens, Calendar Year 2022
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