Say if I'm making $35000 and I keep that money all to myself,I'm wondering if sales taxes are higher as a result as well.With that in mind,would I actually still have more purchasing power with the same salary as in say Colorado?
2007-04-19 09:00:19 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You are better off living on the border of two states. Take for example living in Sioux Falls, South Dakota (no income tax) you are right by the border to Minnesota no sales tax on items like clothes. That way you can get lower taxes on both sides of the border.
2007-04-19 16:47:31 · answer #1 · answered by darrenwelsh429 2 · 1⤊ 0⤋
Yes, since you figure that all states have to have the same amount or nearly the same types of government available for use. States that have a high income tax, usually have a lower property tax, or collect the majority of their money from various business, sales, and other taxes. Granted some may appear to be better on the face value, but check further. Sales tax might be on everything verses a state that charges less and on less items.
2007-04-19 09:05:31 · answer #2 · answered by auditor4u2007 5 · 0⤊ 0⤋
States without income taxes have to make up the revenue some place. Typically that's through higher sales and property taxes.
I owned some property in TX for a number of years. I live and work in MO. My property tax bill in TX (on a property that was worth about 60% of what my MO home is worth) was MORE than the combined income and property tax in MO was!
Don't be blinded by the fact that a state doesn't have an income tax. In the long run, it just might not be any bargain at all! TX property taxes DAMN sure aren't!
2007-04-19 09:07:54 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Watch out for commonwealths like VA or PA.What a nightmare!You pay tax on things you own every year!
2007-04-19 13:32:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
not really
2016-05-19 00:27:28 · answer #5 · answered by ? 3 · 0⤊ 0⤋