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Survey Uncovers the Truth About Americans' Tax Debt in Every State

Americans all over the country are struggling with tax debt, according to a new survey by GOBankingRates and Solvable

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, MSN Money, Daily Finance, Huffington Post, Business Insider and many more. It also specializes in connecting consumers with the best banks, credit unions and interest rates nationwide. (PRNewsfoto/GOBankingRates)

News provided by

GOBankingRates

Aug 19, 2020, 12:00 ET

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LOS ANGELES, Aug. 19, 2020 /PRNewswire/ -- Every American knows something about paying taxes, but most Americans know little about tax debt. While credit card debt and student loans tend to grab headlines, the Internal Revenue Service estimates that Americans owe $441 billion in tax debt, making it a massive problem that is vastly overlooked.

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Americans all over the country are struggling with tax debt, according to a new survey by GOBankingRates and Solvable
Americans all over the country are struggling with tax debt, according to a new survey by GOBankingRates and Solvable

A survey by GOBankingRates and Solvable asked 21,404 Americans about their tax debt -- including how much tax debt they owed, their income bracket, age, gender, profession and state of residence. The survey found that only 8% of Americans with tax debt make $125,000 or more: the lowest percentage of any income bracket. The Make Billionaires Pay Act, a new bill introduced by Sen. Bernie Sanders could change that; if passed it would impose a 60% tax on the wealth that billionaires have accumulated since the pandemic broke.

Tax Debt of the Top 5 Most Populous States

  1. California
    1. Tax debt (% of respondents):
      1. Less than $7,499: 30%
      2. $7,500-$9,999: 12%
      3. $10,000-$19,999: 30%
      4. $20,000-$49,999: 18%
      5. $50,000-$99,999: 6%
      6. $100,000 or more: 5% 
  2. Texas
    1. Tax debt (% of respondents):
      1. Less than $7,499: 32%
      2. $7,500-$9,999: 13%
      3. $10,000-$19,999: 27%
      4. $20,000-$49,999: 16%
      5. $50,000-$99,999: 6%
      6. $100,000 or more: 6% 
  3. Florida
    1. Tax debt (% of respondents):
      1. Less than $7,499: 33%
      2. $7,500-$9,999: 10%
      3. $10,000-$19,999: 28%
      4. $20,000-$49,999: 17%
      5. $50,000-$99,999: 6%
      6. $100,000 or more: 6%
  4. New York
    1. Tax debt (% of respondents):
      1. Less than $7,499: 31%
      2. $7,500-$9,999: 12%
      3. $10,000-$19,999: 30%
      4. $20,000-$49,999: 16%
      5. $50,000-$99,999: 5%
      6. $100,000 or more: 6%
  5. Pennsylvania
    1. Tax debt (% of respondents):
      1. Less than $7,499: 34%
      2. $7,500-$9,999: 11%
      3. $10,000-$19,999: 29%
      4. $20,000-$49,999: 16%
      5. $50,000-$99,999: 5%
      6. $100,000 or more: 5%

Since there is no exact report on cumulative tax debt from state-based taxes, Solvable conservatively estimates that figure to be roughly around $146 billion, which was found by extrapolating California's reported 2018 tax gap figure that was between $20 billion and $25 billion compared to the rest of the U.S.

Additional Insights

  1. Beauty professionals in Utah represented a higher percentage of cases, coming in at 10% compared to only 4% nationally.
  2. New Mexico was one of the states with the highest percentage (9%) of military personnel carrying tax debt, compared to 2% nationally.
  3. People over the age of 76 were most likely to fall into tax debt in North Dakota than any other state, with 25% of all cases reported. Nationally, those over the age of 76 made up 7% of all cases.
  4. In Idaho, there were no cases of tax debt for anyone under the age of 40.

Overall, the original report shows that tax debt affects every profession, generation and income bracket for widely varying reasons.

If you have any questions about the survey or wish to speak to a GOBankingRates editorial representative, please direct all media inquiries to:

Contact:

Christine Kayayan, Media Relations
GOBankingRates.com 
[email protected]
310-297-9233 x101

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors Live Richer™. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, Yahoo!, FOX Business, CNBC, Business Insider, USA Today and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us at www.gobankingrates.com.

SOURCE GOBankingRates

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