No Income Tax States: Who Benefits From Living in One

A way to accomplish having a lower tax bill is to live in a state with no income taxes. As of 2021, nine states are considered no income tax states. 

Why Move to One of the No Income Tax States?

The benefit of moving to one of the no income tax states is pretty apparent. You do not need to pay income taxes on your income, which means you can keep more of your money and use the savings to invest the money. With more money, you can seek out more investments for your Roth IRA or other retirement accounts. 

Does Living in a No Income Tax State Save You Money?

The perception is that the less income tax you pay, the more you can save. That is true in that assumption. At this point, you need to look into what states will do to generate income. 

Are States With No Income Tax Outperforming the Other State?

You need to ask if having no income taxes helps the state to do better than other states. Looking at the research, four of the top ten states with the most substantial economic projections are those states that do not have an income tax. That can be for a variety of different reasons. 

Would You Benefit From Living in a No Income Tax State?

Living in a no income tax state is all about your finances. There are a couple of factors that can affect your decisions. It would help if you thought it was worth it, so you save money on your income. Do realize that these states impose other types of taxes as well to raise money. 

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