(FinancialHealth.net)- You don’t have to travel to the Caribbean to avoid taxes. For those who just can’t stand paying income tax, there are a couple of states where this civic duty is not compulsory! Take note that states that don’t charge income tax would still have to fund other essential public services, such as infrastructure projects and schools. So don’t think that you’re moving to a utopia. To all tax haters out there, if you’d like to know where your next move should be, here are a couple of suggestions:
If you don’t mind the cold Arctic weather and have a fondness of the state’s vast wilderness, Alaska would be ideal for those who hate those darn taxes. Moving to Alaska means buying the thickest fur coat you can get, but still enjoying the fact that there’s no income tax, sales tax, and inheritance or estate taxes either. When it comes to sales taxes, localities might have their own sales tax rate which can be up to 7.5%, though the average sales tax rate on the state level is 1.76%. ‘
Sunny Florida has a lot more than the weather as its main attraction. Considered by many as one of America’s most tax-friendly states, Florida has absolutely no income tax. Yet, residents of the state still have to deal with sales taxes of 7.08%. Property taxes are also average when you consider tax rates in all other states. In a state like Florida with its tax-free policies, having fun in the sun is indeed never a costly ordeal.
Take a small trip westwards to Nevada and you’ll find that the state has a lot more to like than just Los Vegas. Though there are no income taxes in the state, residents still have to deal with a sales tax of 8.23%. They also still get the benefit of enjoying one of the lowest property tax rates in the US.
Tucked somewhere in the cozy north, New Hampshire residents get to enjoy every cent that they make at work since there is no income tax. However, there are taxes on dividends, and interest of more than $2,400 for an individual. You’ll also be happy to know that the state does not have sales, inheritance, or estate tax.
Ready to become a Texan? The good news is if you work hard, the state won’t take your money from you. State income tax is zero, but you will have to deal with some pretty hefty property taxes. Property taxes in Texas is ranked as the 7th highest in the country.
Though not completely taxless, the state government will keep its hands off of your income, except for the fact that you’ll have to put up with a state sales tax rate of 9.23% (being the fourth highest in the country). You won’t have too much pain with the real estate tax also being pretty close to average. If you’re wondering about estate taxes, you should know that estates in Washington that are worth more than $2.2 million may be taxed anywhere from 10% to 20%.
If there’s anything that’s appealing about Wyoming, it’s taxes. With a 4% state levy on sales tax, there is no income tax in Wyoming whatsoever. The state is known for having the tenth lowest property taxes in the nation. Estates and inheritance in Wyoming are not taxable by state law. You’ll also have a delightful time going shopping since there are specific products that are tax-exempt that you’ll find in the state, such as groceries and prescription drugs. This would be especially convenient for those who might have any long-term health issues. No need to treasure hunt for coupons because living there can get cheap.
~Here’s to your Financial Health!
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