Most/Least Tax Friendly States

[ColdNoMore]

While most of it I already knew, I was surprised to see that Nebraska/Kansas/Iowa...are among the least friendly.

State Taxes (poke here) (http://www.yahoo.com/money/best-worst-states-taxes-174242597.html)

Improving your personal bottom line may be easier if you avoid the New York City metro area, where some of the least tax-friendly states are located.

To get better tax treatment, head west to Nevada, Washington, Arizona or Alaska, according to a recent analysis from Kiplinger. The friendliest state – tax-wise – is Wyoming for a host of reasons.

The state has no income tax and a low tax on gasoline, thanks to the revenue it receives from oil and mineral rights. The state also has the third-lowest sales tax rate of all the states with this tax at 5.32% and the ninth-lowest property tax in the nation.

An additional perk in Wyoming, especially for college students?

It has the lowest beer tax in the U.S. at 2 cents per gallon.

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[OrangeBlossomBaby]

I would never judge a state by how much or how little tax its residents pay. I judge it more by what they get for whatever amount those taxes are.

For example: Education. All of those higher taxed New York area states are also among the highest-performing public education systems in the country. They groom several million school children every year for higher education and careers. Wyoming? You could fit the entire population of this large state into New York City and still have plenty of room left over - but they only rank 16th place in public education. Fewer kids to educate, but they can't make it to the top 10 with the pittance they collect in taxes.

Overall cost of living - Wyoming comes in 10th place. You'd think they'd come in first, since residents pay hardly a cent in taxes. But that just doesn't work out that way. Meanwhile, Illinois, one of the most tax-UNfriendly states, has a lower cost of living than either of the Dakotas, which make your top 10-list of tax-friendly states.

On your top and bottom 10 lists - Ohio is one of the least tax-friendly states, but it's ranked 46 out of 51 (including Washington DC) in home cost. Average price of a house in Ohio is only $139,100. So sure they pay a higher percentage in tax, but it's on a much less expensive home. Compare that with the #1 spot on your list for tax-friendly states - Wyoming, with an average home price a whopping $227,100. It ranks 25th in cost. Florida, at 23rd place, comes in at $233,300. New Hampshire doesn't have state property or income tax but be prepared to shell out $276,400 for a house there. That is the average price, ranked 15th place. Nevada is $293,500. Alaska is $309,500

So sure - if all you want to do is look at the taxes, you'll find lots of good deals. Until you learn how much it actually costs to live in a house in that state. And when you figure out what you get for the money. In many states you pay a huge premium for the privilege of living there - and you don't get much back in return other than a nice view and enough room in the driveway for his and her pickup trucks.

[dewilson58]

Can't take raw data (or information from the internet) and assume it's accurate or valid.


Many "least friendly" states allow Federal Income Tax off-set, which drops their effective tax rate significantly.




:ohdear: