Source: Flowing Data
State Individual Income Tax Brackets
April 15, 2015 1:30pm by Barry Ritholtz
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Investor Friendly Tax Policy Both Parties Can Like
Got anything about overall tax burden per state (seeing as there are states that don’t have income tax, but still have other significant taxes)?
From personal experience, not having to file a state income tax is cool (I live in Texas), but from what I understand, Texas “makes up” for that with higher tax burdens in other areas (ie, property taxes).
When I moved from Oklahoma 15 years ago, my expenses went up. It was probably a function of moving to a large metro area (Dallas) from a smaller one (OKC). Not having an income tax is fine, but it’s not like we all have tons of disposable income because of it. I think it’s more of a boon for rich people than us plebes. My rent went up by $150 a month when I moved here, and not because I was living in a much nicer place. Auto insurance was quite a bit higher when I moved. Even gas is a little more than in OK. So just because there’s no income tax doesn’t mean we all enjoy an affordable living paradise down here, like Rick Perry always suggested.
So the no income tax thing here is kind of a wash, in terms of overall cost of living. And remember that Texas is represented by idiots like Ted Cruz and Louie Gohmert. I’d gladly pay income taxes if that could ensure that our congressional delegation (and most of our state legislature, plus the governor and lt. gov) wasn’t a bunch of tools.
So right you are. I was in Phoenix recently and they have a whopping 10.7% sales tax. So much for conservatism. And I see red states like TN. and N.H. penalize us investors. In so called liberal OR. there isn’t a sales tax, $50 car registration for 2 years, no tax on luxury items like boats, planes, and rv’s, very low property taxes ($1200 for my 3 bdrm house) but a high income tax. Of course if you don’t have an income (legally or illegally), that’s not a problem.