US States Taxation

By pjain      Published Oct. 17, 2019, 3:21 a.m. in blog Fin-Plan-Strategy   

US States that have no Income Tax

Florida

  • great climate to retire though in a few decades of global warming you may want to keep to the hills

Nevada

  • Close to California
  • Lots of revenue from tourism ie hotel taxes and gambling in casinos help it maintain a no sales tax.
  • It does have a high sales tax rate ~8%

Texas

Texas has no state sales tax but relies on high sales and use taxes. When paired with local taxes, total sales taxes in some jurisdictions are as high as 8.25%. Property tax rates in Texas are also high. I

Washington

  • it has no state income tax
  • Home to Microsoft and Amazon fortunes,
  • But is rainy a lot and has a higher suicide rate
  • One of highest sales tax rates of over 9% and high gas taxes
  • No corporate income tax but has other business tax

Wyoming - no social security or retirement income tax

  • Cold northern state
  • it has no state income tax
  • Does not have social security or retirement income tax
  • Low property tax rate of ~0.6% and lower sales tax rates of 5.5%
  • No corporate income tax but has other business tax

Alaska

  • Cold - also doesn't have a state sales tax though some cities do. Alaska relies on excise, oil and mining taxes.

South Dakota

  • Colder Northernly state
  • No state income tax - instead taxes tobacco and alcoholic beverages and others
  • Otherwise one of most retirement friendly states with low sales tax
  • Property taxes collected by local governments

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