2021 February POINT!

ECONOMIC INDICATORS

State of Oklahoma Ranks Top 10 for Lowest Tax Burden

•The State of Oklahoma ranked as the 18th best state in which to do business. •Categories included items such as cost of doing business, competitive labor force, speed of permitting, corporate tax structure and energy costs.

•Area Development Magazine determined the ranking by the result of a recent survey they sent to leading consultants to give their top state picks in 13 categories that impact company location and facility plans.

Lowest Tax Burden States

Rank State Total Taxes as % of Income

Taxes Per Person

Property Tax as % of Income

Income Tax as % of Income

Sales Tax as % of Income

1 2 3 4 5 6 7 8 9

AK 5.04% TN 5.70% WY 6.11% DE 6.17% NH 6.83% FL 6.86% OK 7.19% SD 7.35% MT 7.36% AL 7.37%

$3,030 $2,694 $3,709 $3,260 $4,192 $3,489 $3,295 $3,853 $3,540 $3,147

3.64% 1.69% 3.32% 1.76% 5.47% 2.70% 1.68% 3.01% 3.55% 1.40%

0.00% 0.08% 0.00% 3.23% 0.13% 0.00% 1.93% 0.00% 2.54% 1.94%

1.40% 3.93% 2.80% 1.18% 1.24% 4.16% 3.58% 4.34% 1.26% 4.03%

For comprehensive Economic Indicators and Regional Data, please visit your Greater Oklahoma City Chamber Economic Development Division at greateroklahomacity.com/economicindicators or contact Eric Long, Research Economist – 405-297-8976; elong@okcchamber.com

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10

Highest Tax Burden States

Rank State Total Taxes as % of Income

Taxes Per Person

Property Tax as % of Income

Income Tax as % of Income

Sales Tax as % of Income

41 42

CA 9.49%

$6,029 $5,312 $5,746 $6,809 $5,136 $7,985 $5,827 $9,435 $6,755 $8,781

2.64% 4.47% 2.87% 4.98% 4.61% 4.15% 5.12% 4.60% 2.46% 4.41%

3.78% 2.31% 3.69% 2.49% 2.46% 3.64% 2.45% 3.63% 3.10% 4.96%

3.06% 2.98% 3.46% 5.59% 3.45% 2.88% 3.35% 3.40% 6.68% 3.43%

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RI

9.75%

43 MN 10.02%

44

NJ 10.06%

45 MA 10.52%

46 47 48 49 50

CT 10.67% VT 10.92% DC 11.63%

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HI

12.23%

NY 12.80%

UnitedWayOKC.org

Sources: U.S. Census Annual Survey of State and Local Government Finances (2018 Tables released Nov 2020); internal research by HireAHelper.com

THE POINT - FEBRUARY 2021 22

THE POINT - FEBRUARY 2021 23

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