March 10, 2020 News & Views » Research & Studies

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Tax Day is Looming - Here's What You Need To Know! 

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Photo by Brooke Lark

With Tax Day looming and Americans still figuring out the new tax code, WalletHub released its 2020 Taxpayer Survey as well as its yearly report on the States with the Highest & Lowest Tax Rates  in order to help people better understand this confusing time of year. You can find highlights from both below, followed by the full list of WalletHub’s 2020 taxpayer resources.

2020 Taxpayer Survey
  • 30% of people say making a math mistake as well as not having enough money are their biggest Tax Day fears, edging out identity theft (21%) at the top of the list.
  • 37% of people would move to a different country for a tax-free future. 26% would get an “IRS” tattoo and 19% would stop talking for 6 months.
  • 34% of people think charities would make the best use of their tax dollars, outnumbering by nearly 2.5 times people that trust the federal government the most with their taxes.
  • The average red-state tax rate is 10.67%, just under the average blue-state rate of 10.93%.
States with the Lowest Tax Rates States with the Highest Tax Rates
1. Alaska 42. Rhode Island
2. Delaware 43. Iowa
3. Montana 44. Ohio
4. Nevada 45. Wisconsin
5. Wyoming 46. Nebraska
6. Florida 47. Kansas
7. Utah 48. Pennsylvania
8. Idaho 49. New York
9. Colorado 50. Connecticut
10. Tennessee 51. Illinois

Democrats vs Republicans

Areas of Agreement:
  • Both agree that rich people do not pay their fair share in taxes.
  • Both agree that poor and middle class people do pay their fair share in taxes.
  • Both agree that their tax rates are too high.
Areas of Disagreement:
  • Most Democrats say corporations should pay higher taxes rates than consumers; most Republicans don’t agree.
  • Democrats say healthcare should be the biggest priority in the 2020 elections, followed by taxes. Republicans vote for national security, healthcare and immigration ahead of taxes.

WalletHub’s 2020 Taxpayer Resources
  1. What to Do if You Can’t Pay
  2. Pros & Cons of Paying With Credit
  3. Tax Scams & Tips for Avoiding Them
  4. Last-Minute Tax Tips
  5. Property Taxes by State

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