kiplingers magazine listed the states in order of tax friendlyness . they used a family of 4 with 150k in income between teh 2 spouses plus another 10k in income from interest and dividends
they added up income tax,property tax and sales tax
the results??? texas without an income tax was rated tax friendly. as was california.
in texas’s case it was the high property tax that offset californias income tax rate
anotehr survey ranked texas #32 when it came to tax freidnlyness as opposed to california 35…
according to kiplinger these are the 10 worst states for taxes
As a Californian living in Texas this seems about right. Property taxes are pretty high to live in a decent area, 2.09% on assessed value, with a median home price of $260K that’s $5400, and sounds light compared to what I hear my friends and neighbors say they paid.
Pennsylvania, with no 401k deduction, can eat my butt.
In PA, 401ks function like IRAs - distributions are not taxable, but contributions are post-tax. While not many people will base living decisions on the ~$600/year or so difference (assuming you’re making out), it is interesting that the tax scheme incents living here in retirement and living elsewhere while working.
Also, Pittsburgh area property taxes are a bummer.
poeple always talk about california having such a high income tax rate because its top rate in 13%. that only applies on income over 1million/year.for a couple making 75k the tax rate is 6% wisconsins tax on that income is 6.27%
if you make only 50k in california the rate is 4% while wisconsins is the same 6.27%
other states where an average family making 50k a year pays higher taxes than california for example
arkansas,mississippi,alabama ,georgia,utah,and . whole host of others
There’s a lot more to consider. The overall tax code, & most importantly, regulations. In Cal. it takes like $10,000 just to get permission to open a business or modify a structure, & then they van just say no. In Texas it is way less costly.
Sure it did. But when you wanted to change the use of the building what happened? Or did you have to do that for your location? In Texas the regulations are much less. I was watching a show just a few days ago about California regs.
A real plus in Texas too is no poop & homeless camps in front of your business…
