Some states with low or no individual income tax, like Texas and Florida, are attracting lots of new residents — but could find themselves in trouble in a world with less federal financial aid - at least according to a report on Axios.com. By the numbers: California (13.3%), Hawaii (11%) and New York (10.9%) have the highest top marginal income tax rates for individuals. Arizona and North Dakota (both 2.5%) have the lowest among states with an income tax.
Florida has no State income tax and has a balanced budget year after year with no lack of social services. It's worth noting every one of the States with the highest income taxes is Demorat controlled, and every one of the states mentioned with the highest income taxes is under water year after year, spending themselves into massive debts with no way out. There's a lesson there - it's live withing your means.
"...every one of the States with the highest income taxes is Demorat controlled, and every one of the states mentioned with the highest income taxes..." has the wealthiest politicians
ReplyDeleteNot income tax, too poor, but property tax is ridiculous, can't afford homeowners insurance or electricity. Does that count? They get you coming and going. Guess where.
ReplyDeleteThis wouldn't happen if we would drag the thieves out of office but stupid people keep voting them in.
ReplyDeleteYou are making the big assumption that the vote is honest.
DeleteAnd previous elections demonstrate it isn't.
The issue is not the state income tax or lack thereof, it's the total you pay in state taxes.
ReplyDeleteCorrect. Now, point me to a state WITH a state income tax that DOES NOT have a state sales tax, a local sales tax, and high property taxes. As a general rule states with no income tax (AK, etc) also have a low TOTAL tax burden. They may well have a state sales tax that looks high (TN) but when that's the ONLY tax you pay, and especially when it's on something that a) you control and b)hits everyone equally, the no income tax states are very good indeed.
DeleteI can also easily get homeowner's insurance, the massive influx of folks isn't driving up home prices, and the lower costs in so many other areas make where I am far more attractive than either Texas or Florida. Now New Hampshire on the other hand....
ReplyDeleteWashington State has no income tax, is underwater and run by Communists.
ReplyDeleteStrange.
What Texas does for income taxes are made up with business taxes and property taxes. There is no free ride.
ReplyDelete