Miller, Joshua Rhett (2013) "Millionaire athletes flee states with high income taxes" FoxNews, January 30; http://www.foxnews.com/sports/2013/01/30/federal-state-tax-hikes-could-send-athletes-migrat- ing-to-tax-friendlier-states/.
The state where you operate has a major impact on how much state income tax you pay. Continue reading to identify the states with the lowest and highest taxes. How does your state affect your income taxes? Your income, not your state, determines the federal income tax you owe. But ...
For example, states with no income tax may be particularly tax friendly for people with high incomes, but they may have other high taxes that affect lower-income people more. Sponsored Bank Accounts “Generally speaking, state and local sales tax rates are higher in states with no income tax...
North Carolina) could be considered a permanent resident of one state and a “statutory resident” of the other for tax purposes. This means they could end up paying taxes on earned income in both states. Tax planning with a professional, such...
Since 1990 the nine US states without an income tax have seen twice the rate of job growth and 2.5 times the population growth of the states with the highest income taxes. Capital, jobs and economic development are migrating from high-tax states to low.States...
Other high taxes:Unfortunately, states have to find a way to pay for public services, so if it's not coming from income tax, it’s coming from somewhere else. This often means higher sales taxes, property taxes or special taxes on things like alcohol or gasoline. ...
States with no income taxes may also have lower property and sales taxes.4For example, New Hampshire does not have a sales tax, although its property taxes are relatively high.5 Cons Explained Avoiding taxes is one thing, but a move to one of these states could come with culture shock. ...
“No income tax can quickly be offset by no job.” Bottom line If you’re a retiree, a high-income earner or living in a state that has a high cost-of-living and tax burden, you might stand to save by moving to a tax-friendly state, though be wary about making taxes the sole ...
States With the Lowest Taxes More Getty Images A flag with the seal of the Treasury Department flies outside the headquarters of the Internal Revenue Service on Apr. 07 in Washington, DC. Tax Day is quickly approaching, and millions of Americans will be filing annual income taxes in their ho...
"States with no income taxes may be not as affordable [as] one would think for a couple of different reasons," says Realtor.com senior economistRalph McLaughlin. "First, wealthy households may seek to establish residency in such states in order to avoid paying income tax. This would mean th...