No Income Tax States: Who Benefits From Living in One
Everyone wants to have lower taxes.
Taxes are something that people are more than likely to complain about, and they see them as the way the government takes away from their hard-earned money.
A way to accomplish having a lower tax bill is to live in a state with no income taxes.
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.
The perception is that the less income tax you pay, the more you can save. That is true in that assumption.
Without an income tax, the state must increase taxes in other areas to fund some of the public services they provide.
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