Intel Corporation (INTC), FedEx Corporation (FDX), Chesapeake Energy Corporation (CHK): These Six States Tax You the Least

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1 (tie). Mississippi, March 29
Mississippi earns high honors on the list with its emphasis on low income and property taxes. The state boasts a top income-tax rate of 5% and property taxes averaging about $850 per person. Mississippi earns much of its revenue from a 7% sales tax, but a low corporate income tax also helps keep the overall burden on the light side.

1 (tie). Louisiana, March 29
Louisiana climbs to the top spot by keeping property taxes below $750 and collecting just a 4% sales tax, although local options add nearly 5 percentage points to that figure and make the state one of the highest-collecting sales-tax states. Although extensive activity from energy producers Chesapeake Energy Corporation (NYSE:CHK), EnCana Corporation (USA) (NYSE:ECA) , and Plains Exploration & Production Company (NYSE:PXP) in the Haynesville-Bossier shale play could boost incomes and lead to higher taxes, much of Louisiana’s sales tax revenue comes from out-of-state tourists visiting the state, leaving the actual amount borne by residents even lower. A 6% income tax isn’t enough to push Louisiana out of the top spot.

Living isn’t just about taxes
As we noted yesterday, It’s important to remember that the Tax Foundation’s calculations are all based on aggregate measures, and they won’t necessarily reflect your personal Tax Freedom Day. But as a general rule, choosing where to live can make a big impact on your total tax liability, and while taxes aren’t necessarily the most important factor in making that choice, they definitely deserve at least some consideration.

The article These 6 States Tax You the Least originally appeared on Fool.com is written by Dan Caplinger.

Fool contributor Dan Caplinger has no position in any stocks mentioned. You can follow him on Twitter @DanCaplinger. The Motley Fool recommends FedEx and Intel. The Motley Fool owns shares of Intel and has options positions on Chesapeake Energy.

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