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Tuesday, April 07, 2009

States With No Income Taxes

There are seven states in the United States that have no income taxes at all. If you are considering a place to retire and you want to keep as much of your money as possible, then you should consider one of the seven states that have no income tax. They are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. (From "Individual Tax Rates by State for 2008.")

Once you let a politician start to tax you, they find it easier to raise taxes "just a little" to take more of your hard earned income.

The three states with the highest tax rates are 9.0% or more. They are Oregon at 9.0% California at 9.3% and Vermont at the top with 9.5%.

To see the individual and married tax rates by state, see "Tax Rates by State for 2008".

Don't forget to look at sales taxes! I live in California where the incremental tax rate at the top is 9.3% then we have a sales tax too! That means for every $100 in 2008 income above $44,815, we pay $9.30 cents to California in income tax. Then what is left over, we now have a 9.25% sales tax in Santa Clara and San Mateo Counties where I spend most of my time and money. I heard on the news last night that Oakland California is considering raising their city tax to balance their budget (common excuse) so their total "sales tax" will be 10%!

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