For clients in every income bracket, geographic location is an important factor in determining tax burden. A state that is eonomically friendly for low-income families may tax the high-net-worth at stratospheric rates (and vice versa)
The folks at WalletHub set out to determine the most tax-friendly states for residents at three income tax levels: low ($25,000), medium ($50,000) and high ($150,000). Their research team looked at the share of a person's income that goes toward various tax obligations, including sales tax, property tax and income tax.
For high earners, the total tax rate in the friendliest state (Alaska) was just 3.43%. In the least-friendly state (Connecticut), it was a whopping 11.19%
The 10 states that make taxes a bit more bearable for affluent clients:
5. South Dakota
6. New Hampshire
8. North Dakota
Tom: Florida was the only state in the top seven that was in a warm climate