States with NO State Income Tax!!!! Tax Friendly States

what is going on everyone welcome back to the world according to briggs let's talk about taxes or at least states that don't have an income tax in case you don't know there are nine u.s states that don't charge income tax and that's a good thing in most people's opinion the people that don't think this is a good thing are usually politicians and some people that are kind of ill-informed i shouldn't say ill-informed they just have some opinions that might not be correct i'll explain there are a lot of myths about this tax or lack of tax the first one is these are all the poorest states not always four of the top 10 states with the strongest economic outlook do not charge an income tax the second myth is they don't have any money to put into things the state needs like schools police infrastructure not always but two states on this list put the least amount per capita into schools and one has an infrastructure grade of f and they're one of the states that put the lease per capita into infrastructure the third myth is that they'll just get you other places they'll have higher taxes here there and just make up for the lack of income tax sometimes that's true but not always what i learned while researching this and actually talking to a tax man no state income tax really helps lower middle class and blue-collar workers the most but if you are thinking about moving to one of these states to lower your tax bill definitely talk to a tax professional before you do make sure you aren't getting screwed someplace else all right let's take a look at the states number nine wyoming there are many reasons to move to wyoming these days and no state income tax is at the top of the list for a lot of different people and for other people the fact that they'll never have a real housewife spin-off in wyoming is another reason wyoming falls under the category of very tax friendly overall not just income tax besides no state income tax their sales tax is only four point three percent but local municipalities can add up to two percent giving them about five point three nine percent on average groceries are exempt and so is prescription drugs when it comes to property tax i'm not going to get into all the ins and outs i'll just tell you that they are tied for the 10th lowest in the nation there is no inheritance or estate tax in wyoming bravo wyoming now if you just do something with your infrastructure you'd be doing really good number eight washington state i often think about moving to washington state just because the break on the income tax i had my tax guy look at it and he said overall i'll save a little money not really enough to actually go through the effort of moving over there but that's my situation yours could be totally different especially if you're working for a company and you don't own a company and things like that that's why i say talk to a tax professional but washington still has a lot of good things going on here when it comes to taxes in general now before i get into this one i will tell you right now that they have some new taxes on investments and different things that are supposed to go into effect in 2022 but right now there are some court cases going on so that's up in the air that out of the way let's talk about what's going on right now they do have a sales tax of 6.5 at the state level and municipalities can add up to four percent which the average is about 9.2 statewide groceries are exempt as are prescription drugs their property tax is about average for the rest of the us states they do have some inheritance tax for things over like two million dollars and there's some other things about business inheritance tax things like that washington is still considered tax friendly but if some of these laws go through it might be a little less tax friendly number seven texas you know it's a good thing texas doesn't have really high taxes because taxes taxes everyone would have 20 different lame jokes about texas and taxes so they're doing good to at least void that nightmare they don't have a state income tax which is good but they have some sales tax issues the national average for sales tax is 6.35 texas at the state level is six point two five percent but local municipalities can add up to two percent on there this gives the state average eight point one nine percent of sales tax that's well above the national average groceries though and prescription drugs are exempt like so many other states texas property tax is tied for seventh in the nation and there's no inheritance or estate tax in texas number six tennessee tennessee does not have a state income tax but their sales tax is complicated i won't get into it but i will tell you it is the absolute highest in the nation the state sales tax is seven percent and local municipalities can add up to two point seven five percent and a lot of them do their state average is almost 10 percent this is one of the states that actually taxes the groceries four percent again with additional local taxes but prescription drugs are exempt so that's a saving grace their property tax is below the national average and inheritance and estate taxes well they had some before 2021 but that's no longer a thing number five south dakota the mount rushmore state doesn't charge a state income tax and it shows when you look at their per-pupil spending in this state they actually spend half what each of the top five states do per student south dakota does have a sales tax of 4.5 percent and the local municipalities can add their own 4.5 on top of that which gives them an average of about 6.4 percent sales tax in the state of south dakota their groceries are also taxed at that full rate of 6.4 on average their prescription drugs are exempt if you want to move to south dakota and buy some land keep in mind the median property tax rate in this great state is well above the national average but they don't have any form of inheritance or estate tax in south dakota i don't know what it is with south dakota but every time i bring them up in any video i get a bunch of comments about how hot their governor is she's an attractive lady but i'm sure she's a lot more than just good looks she's the governor of the freaking state let it go i don't know what that's all about every single time there's a bunch of lonely dudes out there hoping that after she's done being the governor the governor will start like an only fans account or something weird out there number four new hampshire new hampshire is one of the greatest states when it comes to taxes for the average joe i mean blue collar middle class lower class this is the place to live they have no state income tax they have no sales tax their property tax is kind of high so if you're a renter that's great they have no inheritance tax no estate tax they do have taxes on dividends and investments and things like that but as far as your paycheck they leave that alone go to buy something they leave that alone too buy a house they're gonna stick it to you number three nevada nevada's economy is overwhelmingly based on tourism especially the gambling and resort industries that are all centered around las vegas and reno too a little bit gambling taxes are the primary source of state revenue in nevada so they don't need the locals to be forking over any of their income they do have a state sales tax of 6.85 percent and local municipalities can add 1.53 onto that giving them an average combined rate of 8.23 so that's where they stick it to you in nevada and really that's about it i mean their groceries are exempt so are there prescription drugs property taxes are one of the lowest in the nation and there's no inheritance or estate tax in nevada overall it's a solid choice if you're looking to not pay much taxes number 2 florida there are a lot of reasons people move or retire to florida sunshine low taxes and the need to see dudes rocking a mullet 30 years after they went out of style a lot of that goes on in florida especially the central and northern part of the state big trucks and mullets always a smart choice overall florida is one of the best states when it comes to taxes obviously because they're on this list they have no state income tax now they do have a sales tax of six percent and local municipalities can add their own two percent on making their combined average for the state 7.01 percent groceries exempt prescription drugs exempt property tax is about even with the national average and there's no inheritance or estate tax bravo florida all right before we get to number one don't forget we have another channel called on this day there's a link down below go over there check it out subscribe like all that good stuff just like you should do with this channel all right on to number one and number one alaska alaska is definitely the most tax friendly state we have no state income tax obviously alaska is one of only five states that has no sales or state income tax but local municipalities can add their own sales tax up to 7.5 percent the statewide average is only 1.76 percent so it's not terrible alaska's property tax is about average and there's no inheritance or estate tax in alaska but no state income tax is one thing but alaska actually pays you to live there yeah it's not that much and we've talked about it before but people get anywhere from as you know i've seen years where it was as low as 600 on up to like 1500. somewhere around a thousand bucks is what it normally is each year alright everyone have a great day be nice to each other

Channel: World According To Briggs

Views: 507,828

Keywords: where to live in America, Top 10, Top Ten Lists, world according to Briggs, United States, Ranked, Lists, Best States, Best Cities, Relocate, State income tax, Taxes, No State Income tax, Texas, Florida, Alaska, taxes explained, State taxes, Sales Tax, tax rate, tax friendly states, no income tax, states with no income tax, no income tax states, save money, property taxes in texas

Id: HwBRgzBR0vY

Length: 9min 5sec (545 seconds)

Published: Sun Nov 14 2021