Memphis’ tax burden 7th lowest among U.S. cities

But high sales tax, poverty dim luster

Here’s a list we’re glad to be on — well, mostly glad.

Memphis comes in at No. 7 in the latest rankings of cities with the lowest tax burdens on families, according to Delawarebased 24/7 Wall St., which publishes financial and investment news and opinion pieces online.

In fact, Memphis is the only Tennessee city to make the Top 10. That’s due in large part because of no state income tax and lack of a city personal income tax

ut the news is not all rosy. The Bluff City posted the fourth-highest sales tax rate — 9.25 percent — of all the areas surveyed. But the three cities with higher sales tax rates also posted higher average family incomes.

And Memphis posted 9.8 percent unemployment, the 11th high- est rate among large U.S. cities.

Figures revealed that 27 percent of the Memphis population lives below poverty level, well about the 15.9 percent nationwide average.

And the sales tax rate, when applied to a family earning $25,000, showed that 11.8 percent of income went to state and local taxes (23rd lowest in the nation), compared to a family earning $150,000 that paid 4.3 percent (5th lowest in the country).

The city with the lowest tax burden was Cheyenne, Wyo., followed by Anchorage, Alaska; Houston, Texas; Fargo, N. D.; Jacksonville, Fla.; Billings, Mont.; Sioux Falls, S.D.; Manchester, N.H.; and Las Vegas at No. 10.