Saving money is a goal that very few people can achieve. One of the ways is to move to places that have less tax to pay, and even better if there is none. This thought brings us to give you a list of the US states with no income tax where you can potentially move to. And, how you can move to them while saving your time as well as your money.
While the idea of moving to and living in US states with no income tax in 2023 is an inviting one, there can be slight downfalls to be aware of. For one thing, when income tax is not needed to be paid, it can affect infrastructure as well as education within the state. Furthermore, there is a possibility that states with no income tax could charge higher property or sale tax rates.
On the plus side, there is a chance that a state with no income tax or state tax can be better for keeping young employees in the state, which can also lead to creating more job opportunities. What is important to note is that you would have to do research and weigh out the pros and cons of living in one of the nine states with no income tax. Just so you can make an informed decision. With that here is one of the states where residents do not pay income tax:
One of the lowest of the 50 states when it comes to personal income taxes is Alaska. As you can guess there are no state income taxes. However, what you may not have known is that there is also no sales tax as well. But, living in Alaska is expensive, and this is mostly because of the remote location of the state. The total tax burden in Alaska is only 5.10%.
One of the best states with no income tax for retirees is Florida. With its warm climate and total tax burden of only 6.97% many retirees and even young people choose to make Florida their home. However, the sales as well as excise taxes in this state are above the national average.
Out in the desert, you will find the second-highest state when it comes to total tax burden due to the lack of paying income taxes. It is Nevada with the tax burden weighing at 8.23%. This is most probably due to the large revenue from the high sale taxes from all the items that you can buy in the stores in Nevada. And, it also has sin taxes on gambling as well as alcohol.
Paying no income tax in the state of South Dakota seems to result in this state getting revenue from other means. Such as taxes on alcohol as well as cigarettes. Therefore, there is a chance that these items will cost you more in South Dakota. And the property tax rates in this particular state are above the average. Therefore, the total tax burden is 7.37%.
No personal income taxes in the state of Texas, this is something that does not exist due to the state’s constitution. However, this means that Texas has to rely on income from excise taxes as well as from sales. This is mainly used to cover services as well as infrastructure. The total tax burden resulted in 8.19%.
Being the home of a mainly young population with no income tax in Washington. About 15.9% of its population is over the age of 65 years old. Due to the lack of corporate income tax many major employers set up shop in Washington. However, residents are subject to high excise and sales taxes. As well as gasoline is more on the pricey side compared to other states. And, there are also higher-than-average housing and living costs in the state. This brings the total tax burden up to 8.34%.
The second least densely populated state in the USA is Wyoming, with about six people per square mile on average. In first place is Alaska with about one person per square mile. Wyoming does not have perusal, corporate state, or retirement income taxes. It also has a low sales tax rate. The total tax burden is based on the property, sales, excise, and income taxes bringing it up to only 6.14%. Making it the third lowest state with it comes to the tax burden in the US.
One of the states that have a bit of a history with income taxes is Tennessee. Before 2016, this state taxed income from investments with the aim at interests and dividends, but not on wages. However, in 2016, legislation was passed which includes a plan to lower taxes on unearned income by 1% per year. This is said to be active until the tax was eliminated with the aim being for the start of 2021. However, the total tax burden is at 5.74%.
Another state that also taxes interests and dividends is New Hampshire. While this state does not have income tax it does tax excise taxes as well as alcohol. Furthermore, the average property tax of this state is about 1.86%. The total tax burden is said to be at 6.84%. New Hampshire also has legislation to phase out investment income tax by 1% per year with the end goal being fully implemented by 2027.
As we have mentioned, we gave a list of US states with no income tax. And we will now tell you a way that you can save money while reducing your stress during the moving process. That is with Shyft. We are the world’s first tech-driven moving platform. That goal is to help you organize your entire move for you. There are two ways that you can get in touch with us with the first being through our secure website. Fill out the short form, and download the free and safe Shyft Next app for Android and iOS. The other way to get in touch with us is through the app directly.
Either way, when you get in touch with us we will give you a video call through the app. This call only happens at the time that you say, not before or after. Therefore, we are already saving you time by working around your schedule. During this initial meeting, you will see your real-life Move Coach. They are there to guide you and give you more information about our Shyft moving process.
Furthermore, this meeting is also where your Move Coach will create your inventory list. This will be done by you giving the Move Coach a virtual tour of your current home without them stepping a step inside. The meeting, including the virtual tour, will take between half an hour to an hour depending on the size of your current home.
Within half an hour from the end of this call, you will receive your inventory list. It is 95% accurate and through the Shyft Next app, you have the chance to make it 100%. You can remove stuff, add missed items, and leave notes on certain things. When you are finished you send this updated list to your Move Coach. They will take this along with only your moving details (no personal ones) to Shyft's secure moving board.
Here is where moving companies gather to bid on projects. Yours will join the list. All the moving companies are licensed, have experience, and are Shyft-verified. It is through this process that we collect three or more moving quotes. Each quote is from a different moving company. However, all the moving quotes work on the basis of what you see is what you pay. There are no hidden costs and the prices are fixed, even if you were to change your inventory list.
We will send you the moving quotes that we have gathered as well as information about the companies. You can compare them through the Shyft Next app and choose the best one for you. When you have made your decision you tell us so that we can lock them down before they get away. Also, if you have any questions or concerns about the moving process you can reach out to us seven days a week. We will answer your questions, and give you information.
Plus, if you are an employer that is looking to relocate their business then we also have a service for you. We offer corporate relocation where our Shyft Card can be of use. It is a way to transfer the relocation funds directly to your employees. Furthermore, you can keep track of how the funds are doing, and send more if need be.
Since we are on the subject of the services that we offer, you should also take a look at our Home & Lifestyle Online Marketplace. This is where you can buy items that will be delivered directly to your new home. And, there are also services such as storage, mortgage, and more. All the items and services on our marketplace come with a discount. Therefore, you will be saving money while getting your physical items sent to your new home.
Get in touch with us today so that your moving journey to one of the US states with no income tax can start now. We are waiting for your message.