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States with no income tax
Old 03-09-2007, 04:08 PM   #1
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States with no income tax

I believe there are about 9 states with no state income tax.
Tenn., Fl, NV are no tax states.
But, several weeks ago, Larry Kudlow reported that about 6 more states
are considering eliminating their state income tax.
South Carolina was one of them, and if I remember correctly Ga. was another.
Does anyone remember the other states and does anyone know if
this will, indeed, happen ?

.
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Re: States with no income tax
Old 03-09-2007, 04:09 PM   #2
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Re: States with no income tax

Add Texas to your list. No income tax, not considering it.
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Re: States with no income tax
Old 03-09-2007, 04:15 PM   #3
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Re: States with no income tax

For the states that are eliminating it -- are they replacing it with some other tax, or what?
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Re: States with no income tax
Old 03-09-2007, 04:29 PM   #4
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Re: States with no income tax

no talk of adding income tax to florida but now legislators are trying to get property taxes under control. under consideration is reducing prop taxes by 20-30% & increasing sales tax by 2 cents which i think would tie us with louisiana as having the highest sales tax rate in the country at 8%.

i better buy the new car before that kicks in.
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Re: States with no income tax
Old 03-09-2007, 04:39 PM   #5
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Re: States with no income tax

NH has no regular income tax, but they do tax dividends and interest at 5% after a $5k exemption.

On the other hand, property taxes are pretty high compared to some places. Expect to pay around $25-30 per $1000 of property value.
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Re: States with no income tax
Old 03-09-2007, 04:42 PM   #6
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Re: States with no income tax

South Dakota has no state income tax, 32 miles from where I sit.

I send the State of MN about 8% for the priviledge of living here instead.

I'd love to move the state line East about 40 miles.
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Re: States with no income tax
Old 03-09-2007, 04:50 PM   #7
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Re: States with no income tax

No income tax in Washington.
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Re: States with no income tax
Old 03-09-2007, 05:15 PM   #8
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Re: States with no income tax

Quote:
Originally Posted by magellan
NH has no regular income tax, but they do tax dividends and interest at 5% after a $5k exemption.

On the other hand, property taxes are pretty high compared to some places. Expect to pay around $25-30 per $1000 of property value.
That's true, lot's of MA residents move to NH expecting to save money, then the prop tax hits AND most of them work in MA so they have to pay MA state tax.
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Re: States with no income tax
Old 03-09-2007, 05:29 PM   #9
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Re: States with no income tax

Texas has no income tax but property taxes are horrible -- essentially equal to the typical mid-west income tax/property tax combo. My FIRE plan is to maintain a Texas address without property and "travel" which would avoid both taxes.
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Re: States with no income tax
Old 03-09-2007, 05:31 PM   #10
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Re: States with no income tax

Florida ,No income tax and maybe no property taxes in the future !
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Re: States with no income tax
Old 03-09-2007, 05:50 PM   #11
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Re: States with no income tax

Quote:
Originally Posted by Moemg
Florida ,No income tax and maybe no property taxes in the future !
I hope your right. This is one screwed up state when it comes to property taxes. I have the same house as my neighbor except he has a pool. His taxes are $3800 and mine are 8K. He was here 3 years earlier and the homestead exemption saved him. This is why more people are leaving than coming to Florida.

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Re: States with no income tax
Old 03-09-2007, 05:57 PM   #12
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Re: States with no income tax

Quote:
Originally Posted by Moemg
Florida ,No income tax and maybe no property taxes in the future !
Hang on 73ss454........I think Moemg means FL property values are going down?
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Re: States with no income tax
Old 03-09-2007, 06:01 PM   #13
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Re: States with no income tax

Quote:
Originally Posted by jazz4cash
Hang on 73ss454........I think Moemg means FL property values are going down?
OK That'll help.
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Re: States with no income tax
Old 03-09-2007, 06:02 PM   #14
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Re: States with no income tax

Quote:
Originally Posted by TromboneAl
For the states that are eliminating it -- are they replacing it with some other tax, or what?
Al!.......you're joking, right? If they dont get it one way, they're gonna get it another. Im interested in finding more states like DE (and maybe GA) that have tax breaks on retirement income..........somebody sent me a nice link I'll post in a bit.
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Re: States with no income tax
Old 03-09-2007, 06:03 PM   #15
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Re: States with no income tax

Quote:
Originally Posted by 73ss454
OK That'll help.
yeahbut...that's not usually the best way to save on property taxes!
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Re: States with no income tax
Old 03-09-2007, 06:16 PM   #16
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Re: States with no income tax

http://www.retirementliving.com/RLtaxes.html

............courtesy of Goonie
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Re: States with no income tax
Old 03-09-2007, 06:18 PM   #17
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Re: States with no income tax

Quote:
Originally Posted by jazz4cash
yeahbut...that's not usually the best way to save on property taxes!
May not the best way but may be the only way to lower taxes. I could care less about the property value at this point because I plan to die here some day.
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Re: States with no income tax
Old 03-09-2007, 07:24 PM   #18
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Re: States with no income tax

Quote:
Originally Posted by 73ss454
I hope your right. This is one screwed up state when it comes to property taxes. I have the same house as my neighbor except he has a pool. His taxes are $3800 and mine are 8K. He was here 3 years earlier and the homestead exemption saved him. This is why more people are leaving than coming to Florida.

No here is the deal. As soon as the Polar Cap melts Florida will be underwater. No one will live there, hence there won't be any property taxes to collect.
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Re: States with no income tax
Old 03-09-2007, 07:26 PM   #19
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Re: States with no income tax

BTW

Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.
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Re: States with no income tax
Old 03-09-2007, 07:42 PM   #20
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Re: States with no income tax

I think Washington is on shaky ground. There is always talk of starting an income tax, and Washington has no revenue cow like oil and gas in Alaska, Texas and Wyoming; or gambling as in Nevada.

If Boeing and or MSFT hit rough times, WA gets an income tax and loses Ha.

Ha
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