Monday, May 07, 2012

10 States Which Let You Keep More of Your Money

  • Low-Tax States

  • CNBC rates the states with the lowest net taxes (for example: a state with no income tax but a very high sales tax would not necessarily beat out a state with low income taxes and sales taxes). The list of ten lowest is dominated by Southern (three of top five) and Western states (includes #1 Wyoming) states with South Dakota coming the closest to being a Midwestern state and only Delaware (Delaware?--guess DuPont pays taxes for everyone else in the state) in the East. Author Daniel Butszpan cautions readers to make sure that they like the state on the overall before setting down roots; however, each of the top states has corresponding issues.

    I guess for me that taxes are one of numerous considerations (job availability, proximity to family, climate, etc.) and by no means the most important that impacts where I live. Even though Tennessee is rated here as fifth, I think that I am more motivated to avoid a tax "hell" (such as New Jersey or Illinois) than seek a tax haven.


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