Low-tax States Attract Budget-conscious Americans
A family of four with $150,000 in income would save $13,368 in state and local income taxes if they traded in New York for Florida. That doesn’t even count additional savings in property taxes, estate
Palm Coast, FL – January 28, 2011
Bob VanSickle was a lifelong New Jersey resident, but when he left after 52 years for what he calls "kinder, gentler" New Hampshire, he never looked back.
It wasn’t the warm fuzzies that won him over; it was the lower taxes on income, property and purchases.
"This is great," he said, seven years later. "I’m still paying less now than I was when I left New Jersey."
VanSickle estimates that he and his wife Anna save as much as $15,000 annually on taxes alone because they live in New Hampshire. "That’s a year’s tuition for my kid — a lot of disposable income," he said.
"After I tell my old friends in New Jersey, they are all planning on moving out of the state," he said.
Read More >>>> Reuters [Jan 26, 2011]
Vote with your feet
There are many in Florida that have done the move and saved for years. It is only lately that home owners insurance has gone so high, that it is becomming less attractive. Mine went from $495 in 2000 to $1200 this year. Then because of flood insurance being smart for anyone on property below 20 above sea level, it’s another $385.So property taxes and insurance approach the property taxes alone in many states, but so far we don’t have income tax. With federal mandates being pushed on states,income taxes are soon to be here too. I think the next move for many will be to Alaska where the state paid everyone thousands due to a surplus budget from oil and natural gas companies.
One problem
Only one problem with that article. It forgot to mention the fact that the same family of four would no longer have an income of $150,000 after moving here.
Cost of living.
If our politicians are smart they will concentrate on maintaining a "low cost of living" environment instead of wasting money to bring industry to Palm Coast and Flagler county. People will come here to retire if cost of living is low.
Cost of living.
If our politicians are smart they will concentrate on maintaining a "low cost of living" environment instead of wasting money to bring industry to Palm Coast and Flagler county. People will come here to retire if cost of living is low.