Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/7/2013 (1 year ago)

Catholic Online (www.catholic.org)

Some things you may want to consider before hitching up the trailer

The good news: there are seven U.S. states with no income tax. The bad news: These seven states raise funds in myriad other ways, such as property and local taxes. Below is a list of the seven states, and the things you need to consider before picking up and moving to them.

The home of Mount Rushmore, South Dakota funds itself through four percent sales and use tax, a $0.22-per-gallon gas tax, and fees on vehicles, but has no corporate income tax.

The home of Mount Rushmore, South Dakota funds itself through four percent sales and use tax, a $0.22-per-gallon gas tax, and fees on vehicles, but has no corporate income tax.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/7/2013 (1 year ago)

Published in Business & Economics

Keywords: Wyoming, Alaska, South Dakota, Washington, Florida, Nevada, Wyoming, income taxes


LOS ANGELES, CA (Catholic Online) - The seven states without income tax are:

1. Alaska
2. Florida
3. Nevada
4. South Dakota
5. Texas
6. Washington
7. Wyoming
    
Going through the states without income tax, there are numerous things to be addressed by the individual or family that plans on moving there. The data below was compiled by the Tax Foundation, which has been collecting data on taxes since 1937.

1. Alaska. This state, known for its pristine environment and wildlife, Alaska funds itself with royalties from oil and gas production as well as a 9.4 percent corporate income tax rate. Oil and gas royalties made up 83 percent of the state's revenue last year. Oil and gas corporate income taxes make up less than eight percent of revenue. Another plus: Those 65 and over should note that Alaska exempts senior citizens from the first $150,000 of assessed value for property taxes.

2. Florida. Known for its fair weather and tourism, Florida funds itself with a six percent sales tax as well as a 5.5 percent corporate income tax. The sales tax made up 73 percent of the state's revenue in fiscal year 2011-2012, with the corporate income tax making up 8.3 percent.

3. Nevada. Best known - and notorious, as the place of "Lost Wages," or Las Vegas, Nevada funds itself through a 6.85 percent sales tax. Nevada has no corporate income tax, which has helped it attract tech companies and start-ups from high-tax California.

4. South Dakota. The home of Mount Rushmore, South Dakota funds itself through four percent sales and use tax, a $0.22-per-gallon gas tax, and fees on vehicles, but has no corporate income tax. The sales and use tax made up 65 percent of the state's revenue, motor fuel tax made up 8 percent, and car titles and registration fees made up another 8 percent last year.

5. Texas. Texas funds itself through a 6.25 percent sales tax, taxes on motor vehicle sales and fuel, a 0.5 percent- one percent franchise tax, and taxes on oil and natural gas production. Sales tax made up 39 percent of the state's revenue, motor vehicle sales and fuel taxes made up 10.8 percent, franchise taxes made up 7.3 percent, and taxes on oil and natural gas made up 5.8 percent in 2012.

6. Washington. Benefitting from being surrounded by Idaho and Oregon, both of which have corporate income tax rates above seven percent and individual income tax rates above seven percent, sales tax made up 64.7 percent of revenue in Washington of 2012. Gross receipts tax contributed 17.6 percent.

7. Wyoming funds itself through a four percent sales tax, taxes on natural resources production, as well as property taxes, which for residential property is 9.5 percent. Most of the state's revenue comes from its natural resource production and property taxes on resource owners.

If you are living off interest and dividends, moving to these states are highly attractive. Just remember about the inevitability of death, and taxes - you will be paying somewhere, somehow at sometime.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Isaiah 50:4-7
4 Lord Yahweh has given me a disciple's tongue, for ... Read More

Psalm, Psalms 22:8-9, 17-18, 19-20, 23-24
8 'He trusted himself to Yahweh, let Yahweh set him ... Read More

Gospel, Mark 15:1-39
1 First thing in the morning, the chief priests, ... Read More

Reading 2, Philippians 2:6-11
6 Who, being in the form of God, did not count ... Read More

Saint of the Day

Saint of the Day for March 29th, 2015 Image

St. Berthold
March 29: Considered by some historians to be the founder of the Carmelite ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter