Free State Wyoming Forum
Free State Wyoming (FSW) Promotional => Making the Case for Moving Toward Freedom (and Wyoming!) => Topic started by: MamaLiberty on December 17, 2014, 01:28:52 PM
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Of possible interest to those thinking of moving to Wyoming.
Not All Income Tax-Free States Are Alike
http://www.ncpa.org/sub/dpd/index.php?Article_ID=25172
December 16, 2014
Nine states -- Alaska, Florida, Nevada, New Hampshire, South Dakota, Texas, Wyoming, Washington and Tennessee -- lack a general state income tax, but the taxing similarities between them stop there. A new report from NCPA Senior Fellow Pam Villarreal details how sales and property tax rates vary among the no-income-tax states and how some may be better off by moving from one state to another.
When a state lacks an income tax, it tends to make up that lost revenue in two major ways: sales taxes and property taxes. Alaska and New Hampshire do not have a sales tax, but South Dakota and Wyoming impose 4 percent tax rates while Florida's rate is 6 percent, Texas' rate is 6.25 percent, Washington is 6.5 percent, Nevada's rate is 6.85 percent and Tennessee\'s rate is 7 percent. Property tax rates also vary wildly among the no-income-tax states, ranging from a median 0.58 percent rate in Wyoming to 1.81 percent in Texas.
Using the NCPA's State Tax Calculator, Villarreal compared consumers in the no-income-tax states. For example: