Bloomberg Wealth Friendliness ratings for each State

[Orchidflower]

This is from 2004 and not published anymore, but several of us on this board loved these old Bloomberg Wealth Friendliness rankings; however, I just found this chart that has the rankings for EACH State and thought I would share it. I've punched this into the search bar many times, but this is the first time I found this for each State..whoopie..my day is made! I usually only find the first 10 States ranking and not the entire nation.
**There is another ranking for retired people ranking wealth friendliness, but I cannot find that one. This chart is for the non-retired and working.**

(Scroll down the page....)


Wyoming is America's Wealth-Friendliest State for Seventh Straight Year in Exclusive Ranking by Bloomberg Wealth Manager Magazine

 

[WhoDaresWins]

Hmmm. Pennsylvania is #22. I thought it would be worse. I might have to exorcise my pipe dreaming about the Monterey Peninsula however.

 

[Notmuchlonger]

Hey Californie only 38th! Just think when I move out I got a good chance of doin better. YEHAWWW

 

[Goonie]

Illinois is #33.....How the heck did we manage to rank that high? Maybe Bloomberg's took a little [-]bribe[/-] contribution form our politicians! Hahaha!

Hey, but on the brighter side.....at least we're not as bad as our neighbors to the north or west, Wisconsin #50 and Iowa #37!

 

[youbet]

Illinois is #33.....How the heck did we manage to rank that high? Maybe Bloomberg's took a little [-]bribe[/-] contribution form our politicians! Hahaha!

Hey, but on the brighter side.....at least we're not as bad as our neighbors to the north or west, Wisconsin #50 and Iowa #37!

Not to worry Goonie..... When our state income tax increases by 50% as proposed, we'll drop right down that list like a lead weight!

 

[RonBoyd]

Colorado is #5. Hmmmm. Now, if I only had some.

 

[Orchidflower]

Well, this is Bloomberg's study from 2004, but, from looking at other rankings from the past, they do seem to move around some due to tax rate changes in the different States; however, they don't move all that much, so this is a relatively good gauge I should think, which is why I was so happy to find it.
I remember Nords loved this old Bloomberg ranking stuff, too, as he stated on a post once.
Just wish I could find the one for RETIRED people...hopefully, someone comes up with it.

 

[ziggy29]

Interesting quick hitter, but like most of these "rate the states for taxes" surveys they have to assume some average situation. People who are [-]cheapskates[/-] devoted LBYMers are going to be less impacted by high sales tax rates, people who rent or own modest properties will be less impacted by high property tax rates and people of modest incomes will be less impacted by high income taxes.

I'll use my usual example here: I'd compare Texas and Oregon. For someone who has a significant amount of property and buys a lot of stuff, Oregon (with no sales tax and moderate property taxes) would be a good place for taxes and Texas (with high sales and property tax rates) would be terrible. BUT -- if you have a small, cheap property and don't buy a lot of taxable stuff on a healthy income, Texas (no income tax) is significantly better than Oregon (fairly substantial state income tax).

And then there are other non-tax financial issues, such as financial protection from lawsuits and creditors. In that area, three states -- Florida, Oklahoma and Texas -- are clearly ahead of the pack.

These lists are a good starting point, but as always you need to do your own DD with respect to your own situation when considering tax implications for a potential move in retirement.