I do appreciate tax breaks but navigating loopholes feels dangerous. How can I ensure I'm taking advantage of tax-advantaged investment structures without potentially encountering unintended consequences?
Loopholes are tricky, but there are plenty of proven tax-advantaged structures. IRAs and employer-sponsored retirement accounts are great options. You can also explore tax-efficient investment vehicles like municipal bonds or index funds. These offer benefits like tax-deferred growth or tax-exempt interest. Talk to your financial planner about these options.
Yeah, planners could make a lot of difference, particularly in a market such as this. Bonds are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over (250k) just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
I live in Oregon now used to live in Texas. Much cheaper in utilities, no sales tax, property taxes on my house in Texas was 13%-15% of my pay. In Oregon I pay 2800 in property tax. And when I moved my pay went up by $11 more an hour. My house payment is less in Oregon than Texas. Texas also house much higher rates on homeowners insurance and car insurance than Oregon due to all the hail storms. And my electric bill and water bill was 3 times the amount in Texas due to the extensive heat throughout the year. Left Texas and will not go back. No state income tax is not all that it is cracked up to be.
I have that beat. Lived in Texas, lived in Oregon. Where I now live, no sales tax, no property tax, no income tax, no school taxes. No military to support makes a world of difference. I rent a 7 bedroom/5 bath house with 4 car garage on 23 acres for $153 a month. Plus exempt on US Income Tax to $107,300 a year.
Just because there are no income taxes, I live in Nevada, but they often make them up elsewhere. When I first moved here groceries were taxed. A couple years later the legislature removed it. If you are thinking of moving to one, research all the taxes in that state and how they will affect you.
Reno/Washoe County has high gas taxes to pay for roads and public transport (buses). Reno/Washoe County & Clark county (Las Vegas) has higher sales taxes than much of the state. Reno/Sparks also has higher property taxes than the rest of the county....it's likely higher in Las Vegas/Clark County too. The taxes have risen as folks cash out of California, move to Nevada and expect it to be like California....so they vote for tax and spend politicians.
Thank you, in MA we have an income tax, but no tax on groceries or clothes. Many of these States have a much higher property tax in addition to other fees or taxes
When I lived in Alaska that yearly check was great because I had 4 kids and a wife. That means I got 6 checks each year and that took care of all of my other taxes like property tax etc.
I'm in the process of making a spreadsheet of states and the traits that are important to me. Your videos give me a lot of good information and starting points for research. Thanks!
Nebraska isn't any better. It is getting worse. Unemployment may the lowest in all 50 states but in reality there are highly quantity jobs not quality jobs. As for taxes, since 2010 when a Former Mayor of Omaha created a Food Tax/Occupational Tax, the people of Omaha was not happy about it. Many people would boycott and go take their business elsewhere because the suburbs and rural areas and the other major 181 cities don't have an occupational tax when you go out. That mayor was also on the verge of being ousted by the people of Omaha because of the people. He survived being fired by the public (I cannot think of the word/term when the people or residents want to fire a mayor, impeach or boycott him). Anyway, so we now have a Republican mayor in a Democratic county that just started her campaign. She told the people of Omaha that she wanted to abolish the Food/Occupational tax when she got voted in the first time. Now it's her third term and she still hasn't done that. Go figure. Sounds exactly like the late George Bush. Bush vs. Dukokis "Read My Lips. No New Taxes." The moment you realize that there are only 2 counties in Nebraska that are Democrat and both of those counties have a major city and both counties are Democrat while Nebraska is a Republican state with all 5 Electioral College Votes (House of Representatives and US Senate) that are Republican. Yeah. Nebraska...it's not for everyone and not to mention coming from a friendly rival of Briggs, Nick Johnson had a huge video of Unboxing Nebraska and there were 4 things I did not know, one of them was the high amount of drug use in Omaha. #1 for marijuana use, #1 for heroin, #1 for meth, and #3 for crack. Omaha is not nice or awesome as people say it is. The only good thing about Omaha is the cost of living. If the cost of living was higher, I would have left Nebraska a long time ago.
I live in Alaska, been here 25 years. People exaggerate the price increases of goods. The only places you'll find groceries 2 to 3 times more expensive than the lower 48 are places not on the road system, villages in the bush. I live on the Kenai Peninsula, my wife is from Oregon and goes back and forth between the two states often. She estimates that our local grocery prices in Soldotna are 25-30% more than in Oregon. Yes, goods are more expensive here but not double. Depends on what your comparing as well. In general though, Alaska does have a higher cost of living. Most boroughs have Zero property tax for people who meet the retirement age of 62. So in my case, I own my home outright (no mortgage) I pay about $1600 a year in property tax. Once I turn 62 I will only have to pay gas and electric to live in my home which amounts to about $200 a month on average. Our gas currently is $3.65 for 87 octane, I saw it's $8 for the same in California and $6 in Louisiana. There is no perfect place unfortunately.
YEO! KY HAS A LUXURY TAX ...THEY TAX OUR CAR BASED ON ITS VALUE ACCORDING THE STATE!! IF YOU DONT PAY IT . ITS ILLEGAL TO DRIVE WITHOUT THE REGISTRATION. SAME TAX IN INDIANA ! WORKED IN OHIO AND TAX CAME OUT OF MY PAYCHECK FOR LIVING IN KY !
@@williamwingo4740 not really you just pay the difference if where you live is higher than where you work assuming your employer is deducting the rate where you work.
When you’re retired your income is obviously much less and if it’s mostly social security which is non taxable in most states. What retirees should be looking for is low property taxes not income taxes.
Used to be just north of $100 in Illinois… now it’s what? $150? And given how corrupt & incompetent this state is, even precovid, it would’ve likely been on track to surpass $200 annually sooner or later…
@Doug Spooner One good thing about WA is that we don't have to pay for car safety or smog inspections every couple of years like a lot of states. The cost isn't that big of deal, but just the time it takes to do it can be a pain.
@Doug Spooner I agree and that's why I said the cost isn't that much but the time to drive to the inspection place and wait is the real pain. Also, a state safety inspection would require me to replace the cracked windshield in my "beater car'. LOL
Every state I have visited with no income tax, there were fees on everything. FL has tolls on every road that gets you somewhere fast. And they are careful to not use the word "tax", but charge fees for everything in schools, building supplies, everything. Give me a tax system, where at least the citizens who vote have a say.
I use that round thing in my car to vote on whether I'm going to pay a toll that's used well while enjoying no income tax and property tax that has gone down eight years in a row because we vote for everything and don't have power tripping officials.
A good accountant and some legitimate write offs can do a lot to help you with state income taxes. But they can't do anything with fees and higher property taxes.
@@JaimeGarcia-pe7bj That's not paying one's fair share now is it. Funny how I live in a state with no income tax and no taxes on most food and clothing items and the few cheap tolls I pay by choice as there's always another way go straight to improving what the toll is four like the new six lane and bridges. Even my property tax has gone down, a lower rate than most other states, eight years in a row because our town isn't corrupt and we have a say in everything like the new senior housing neighborhood that helped lower our property tax while making the value go up. Live Free or Die
Lol, I'm in Connecticut, where everything is tax, shoot they even tax your tax! Taxes are high and practically on everything here and I can't wait to move out of this state!
Tennessee also taxes groceries, which is why so many of them migrate north into Kentucky on payday to shop, as we do not tax groceries. And our sales tax is 6%. And regarding South Dakota, a neighbor of mine moved back there a few years ago, and he tells me that real estate is through the roof as outsiders moving there are driving the prices up. Same thing with the metro areas of Tennessee, with Nashville being stupid high.
I really hate that!😟 I live in Maryland and my husband and I really want to relocate because it's so expensive here and we pretty much have no hope of ever buying a house here. But my in-laws don't want us to leave the state while we have young children because they seem to think we need their help. So we are trying to wait until the kids are older, but the way you talk is like people from California are driving up housing prices in every other affordable state!😞 We were trying to go to the midwest but I feel like everyone else is doing that too and it's all gonna be too expensive by the time we can even hope to move. We were trying to go to Iowa so hopefully it isn't as bad there as you say it is in South Dakota.
I think living in a state with no income state tax is better because most other types of tax are about spending. I can control what I buy, which means I can control the amount of tax I pay out.
When you retire, the income tax becomes a consumption tax. Only taxed on what you take out of 401k and on social security. This works as long as you don't have large RMDs. Those with large RMDs must pay on money they take out of 401k's and do not spend.
Being taxed on consumption versus on income means having greater control over how much tax you pay. Paying tax on groceries in Tennessee is more than offset by the much lower cost of housing and energy.
@@TropicalLatitude there's also either a fee or permit for nearly everything you might want to do on your property and a fee if your land is waterfront of has a view, they attach these fees to your property tax but don't list them.
I’m moving from MD to WA. I hate paying the high property taxes and state income taxes in MD. The state motto should be, “Maryland, if we could tax it, we would.” Do you know that if you buy a new car in one state and paid 3-4K on the sales tax, once you move to MD, you still need to pay the 6-7% tax on the vehicle again? Ouch.
I live in both WA and AZ. Although no income tax in WA, they have high fees on everything. They even make you pay an additional $140 on top of annual vehicle registration if you have an electric car.
@@nahnahson Heavy truck are what really wear out the roads. Vehicle registration fees are what also pay for the roads. Electric vehicles don't pollute the air (at least not in WA) so don't contribute to the "health tax" that we all pay indirectly.
So we went to Honesdale last Sept and Johnson City, TN, this Sept. leaning towards TN (NorthEast only) due to having the same climate as I currently enjoy. Honesdale is one zone cooler and more cloudy days. Plus it was a bit too difficult to find level land to even build a garden. Loved the meat store in town though! Have you gotten any closer to finding your retirement spot, Briggs? We are the same age. Thanks!!
Yeah it's crazy. They say it balances out cause you don't have state taxes but 8000 divided by 12 is 666 dollars a month. A coincidence, I think not. Property taxes are the devil's work.
@@suzintex2002 I just read somewhere where the median home value in Austin is $575,000. I think the percentage is around 2 percent. That comes out to $11,500 a year. That is insane.
@@danieljones1784, Austin is insane. That's where all the Californians and the hippies go. I wouldn't live there. Property taxes are different percentages per county. I thought the Governor made them lower their rate though.
Driving through Tennessee from Ohio the first thing you notice is the high sales tax especially on fast food which isn't taxed in Ohio if you take it to go.
I loved that about living in Ohio! For those who don't know: all prepared food (not drink) bought for eating away from the restaurant/store is non-taxable. I did this for months in 2020 when most restaurants weren't open for dine-in.
In 1980 we moved just north of Cincy from Murfreesboro, TN. When my parents found out about the 0% taxes on the drive-thru they couldn't stop talking about it for quite a while almost every time we ate out. I'm back in TN now and love not having income tax after paying state and local income taxes. But yeah, we raked over the coals at the check out for anything. Kinda surprised the Trumpsters haven't figured that out.
@@silasbishop3055 I cold Turkey quite eating fast food. In 11 months I lost 15lbs. No exercising or any other change in my diet. Note I stopped drinking soda 8 years ago so that was not a factor. Then with just walking 3 miles 4 days a week added to the mix in another 5 months I lost a complete total of 37lbs and have kept it off. Obviously Fast Food is very unhealthy. My Doctor told me Last week I look better than I have in the 36 years he has been my primary Doctor.
@@1lorijb I am not convinced that a state sales tax would mean lower income or property taxes. At least not in the long run. Look at the high _3-tier_ tax system in our neighbor California.
Alaska also has: free hunting, fishing and trapping licenses for residents once they reach 60. When you reach 65 you can get a Permanent Registration sticker for one vehicle. Also, when you reach 65, you can get a Tax Exempt status which eliminates sales tax on food and property. (Possibly on prescription drugs too, but I get mine through the VA so I'm not sure about that.) Love the channel!
Defected from Californica 17 yrs ago to Florida.....2% COLA has increased my income quite a bit....Just guessing, but figure I've saved upwards of $100K of CA tax since defecting in 2004....
Exactly. I've lived in both also. In the end, it's all the same boat. Unless someone has a very specific living situation like retirement or Social Security benefits, moving somewhere because of no income tax is absurd, trivial and greedy.
@@nick8243 Who's greedy, the man who wants to keep what he earned or the man who wants to take it? Taxation for the common good is acceptable. We've gone well and far beyond that.
Great info! Alaska: is it true that even if there's no sales tax, things cost quite a bit more because they have to haul most everything from mainland U.S.?
thats overblown. in Anchorage I didnt see any real difference in cost vs my home city of Portland Or, Fairbanks was a touch higher, but not really that much more. they have Fred Meyer (Oregon based Kroger affiliate) and Walmart, so goods come in very regularly in major areas. however, small or remote towns can be very high, you dont want to buy orange juice in Barrow or a watermellon in Dutch Harbor, but its not as bad as you'd think
First off love your channels. Here goes: I am 65 yr old and on social security as my only income. Now I am a retired RN that worked over 45 years in health care so I do make more than 1500$ a month but only by a few hundred. Where in lies the problem I don't qualify for any state aid as I make too much BUT I am living below the poverty level based on your great series on poverty levels in each state. Soooo (shrug)
I don t advice you to move to another country because of your age, no where is perfect. I am african residing in USA almost 16 years now. I m advicing you because of my experience. Take care🙏🏾💜
Ecuador,Colombia,Thailand and Portugal,affordable for retirement for single person on limited ss.Also healthcare and climate is good in all these places and plenty of overseas retirees
Living here in Nevada they make up for that state income tax by having government tax fees when you register your car. When I got my 2019 civic I had to pay $360 for Registration for just 1 year.
Lucky you. I just paid $1,031 for my X4. For ONE YEAR. State of New Hampshire btw.. also property tax here is insane. One of the highest in the country.
I spent most of my life living in Texas, Washington, Alaska, and Wyoming. It is strange to me that states actually have an income tax. Washington State has a new income tax coming in 2022, though.
@@michaelyork7844 It is cold no matter where you go. Cost of living varies, I suppose. The northwest part of the state is nice, but really expensive. I lived in the Rock Springs/Green River area (southwest); not much to do and lot of stupid, unfriendly people. Practically a desert, not many trees. I would recommend Casper or Cheyenne; they haves traces of civilization and the landscape is a bit nicer. If you like the outdoors, Wyoming is great. If you are looking for a good woman, you'll want to join a church. Not much variety in females, you'll want to import or bring your own. If you want to live off grid, I recommend eastern Washington, north Idaho, or western Montana.
We moved from Illinois (state income tax) to Texas in 2005. Our homeowner's taxes in Texas are TWICE what they were in Illinois. TWICE. Even if you don't own those taxes are made up by landlords.
Washington crows about not having an income tax, but "Sweet baby Jezzuz" everything else is taxed to the hilt. Not to mention Olympia & Seattle love New taxes
We're getting ready to move there from CA (long story). We see a lot of Vermont and Mass. cars in the parking lots of grocery stores :) . NH does tax liquor (they have state run liquor stores), and their property taxes are among the nation's highest. And speaking of winter, a lot of people in the rural areas either buy 10+ cords of wood (no joke) or fill up their 1000 gallon tanks with heating oil (also not a joke) each year.
@@shaynewhite1 Yeah, it's big where we're going to be living. That's a huge expense outsiders don't think about when you hear "no income/sales/estate/etc tax". It's about $3.25 a gallon in NH at the moment. $3200 to fill one of those tanks. Even a cord of wood at $200/cord is $2000 for 10 cords.
Trust me you won't. Was there for their worst snow storm in 100 yrs. Power out for 3 days, went to the only hotel open with my dog. Some towns took weeks to get power back. When we went back home the propane fireplace with the 200 gal tank worked. The 600 gal oil tank for heating did not. Happened again 2 yrs later. Now back in sunny CA. Make sure you get a generator.
I have a friend in Alaska! My best friends brother! It's the oil subsidies, but you have to spend 6 months there to get it! Went there in 94! Simply amazing!! Always tell them I'm coming back, but life gets in the way.
Lots of us in Texas find that property tax debilitating. Eventually as the appraising districts keep adding the annual nearly 10% valuation, the property tax just gets out of hand. I will get priced out of the home I own simply due to property taxes at some point.
Agreed. In Calif, Prop 13 keeps your property tax frozen for just that reason. So that $40K house now worth $600K... the real reason so many move on. Buy cash somewhere else.
You never own a home in Texas… you just rent it from the government. Property taxes in Texas are horrible. That no state income tax is so misleading.. they recoup it all in property tax
I'm in Ohio...there's state income tax and in my county there's an 8.5% sales tax on EVERYTHING. Some of the sales tax is a "temporary tax" enacted like 20 years ago to pay for new stadiums to benefit the rich team owners...it's a permanent temporary tax...
Folks, before you sign off to no state income tacks(misspelled on purpose), I love that prospect too, but I recommend going to World Population Review and looking up the total tacks burden for each state. That's income, sales, property tackses, etc., combined. Under that criteria, A K is the most tacks-friendly state(5.16% total), while N Y is the least(12.28% total). And that is before adding county and city-level tackes to top of that. That said, this video is still helpful for sure. Including no Real Housewives of Wyoming! 👍
Briggs, You Only Named 9 States Total Not 10: Wyoming, Washington State, Texas Tennessee, South Dakota New Hampshire, Nevada, Florida, Alaska Thanks Again, NYC
Great video, you did it again. Any chance on doing a video of the migratory habits of various groups of snowbirds. I’ve considered buying a cheap mobile home in two places and moving back and forth every 6 months. For example there is a community in Niland Ca called Fountain of Youth (mobile homes and fancy RV’s) that seems to have the same crowd going there every winter. They all know each other.
The tax burden thing only really affects you if you’re moving from a HIGH tax place like CA. Otherwise, you’re not gonna see much difference in your wallet. If you have a large amount of money, by all means head to your closest tax haven.
Hubby and I live in a Very Small 'Village' in SW Ohio---believe it or not, we are frickin' GOUGED on property taxes every year. Thank the Lord our mortgage is paid off.
Same with property taxes in New Hampshire. I live in a condo, about 1300 square feet..They raised my property tax by $600.00 last year so it's $4,400.00 annually. Unless they've raised it again this year. I'll know this week. (Pray for me, lol.)
@@abufarsakh9919 I'm retired, retired from Microsoft in 92 at 35 . I actually travel year round to Europe, this is just my homebase. I'm actually in Waikiki now for 2 months.
@Big Dick Black I grew up in California and was born there, I have family in WA, taxes are sky high in both places! Many seniors retire in Oregon, no sales tax, no SS tax , and no income tax if your truly retired! Capitol gains if you are lucky to have $$ and property taxes are what most many pay for.
From South Dakota real estate is getting high here from out of state people buying here. Which makes hard for the locals to afford since wages in South Dakota are low. A buddy of mine told a person who moved here from another state that’s fine but do not bring your friends with. Yes the school systems struggle here keeping teachers and other funding. Our teachers are one of lowest paid in the nation.
So the US wants to copy VAT and such but not all the other things, like free college, gas buyers paying for infrastructure and so on. We still pay over 50% tax with property and all other tax, and some are 65%. No free lunch.
@@robclark3095 It is not free, but the income tax is containing it. if you are unemployed, or you have unannounced job, you have nothing, unless you pay for it somehow
Sales tax, property tax, and income tax must all be taken into account for your personal situation. I have worked it out, and we pay less taxes in CA than we would in TX. As a resident of San Jose CA, I constantly see stuff on the internet that does not match my daily life. There is no poop or hypodermic needles in the streets, there are homeless in certain places, but aren't there in every place that has a survivable winter? I did the math, and a person making $100,000 a year with a $500,000 house pays about the same in TX and CA, because TX property taxes are twice CA. Being retired, I don't buy much, so sales tax is unimportant, and my $1.3M house would cost over $1000 a month more in property taxes. CA does not tax social security. So CA may have a rep as high tax, and it is, but not so much as you might think depending on your situation. Real estate costs way more, but TX is catching up due to economic success, same as CA. Plus in CA, our electrical grid doesn't fail statewide for multiple days. Those high taxes pay for many wonderful parks near me where I go every week. The climate and culture are wonderful. I look at articles about where to retire, and I never find a place that matches CA. CA has its problems, so do TX and other red states. The idea that CA is a hellhole because it is blue is wrong. The govt does not control nearly as much as those who would condemn a place because it is politically distateful to them would have you believe. Most of it is baked in the cake, politicians just take credit or deflect blame. My nephew works in Corpus Christi and came out for vacation. We spent 3 days walking through many neighborhoods in SF and there was no evidence of the hellhole his co-wiorkers warned him about. He said they wouldn't believe him when he told them that. Their attitude is not based on dispassionate fact gathering, it is based on tribal politics motivated reasoning.
That is interesting on what you tell us about Texas being higher in taxes than CA. I was told by my stepdad that California has the highest property taxes in the nation then NY and NJ respectably. Is the economy in TX really that much better that property taxes are 2x more than Cali?
@@dudetocartman Property tax: CA is 1% with prop 13, so it can only go up 1% per year. TX is 2% This is because TX does things local (prop tax) while CA does things statewide (income tax). People who moved to fast growing parts of TX have seen their property tax double or more in a few years. Sales tax: similar, varies by location. Income tax: TX has none, but CA does not tax social security. What they do tax is extremely progressive, low income pays very little, billionaires pay 11%. I paid $200 last year on $100,000, will go to zero when wife retires. A person with a million dollar house in CA and $100,000 income pays about the same as a person with the same income and $500,000 house in TX. A retired person with mainly social security income and the same house pays less than CA. Also, my gas and electricity has never been more than $200/month, my sister in TX has paid $700/month in TX, although her house is twice the size of mine. Also also, TX is developing and real estate is going way up in many places, so tax bill has doubled in a few years, Unless you have major income other than social security, taxes are lower in CA for retirees, and with prop 13, they won't go up much. If you are billionaire with small house, TX wins. If you are retiree with big house, CA wins.
NV has a fairly high sales tax but no State Tax. No tax on food. Briggs, you'd like Veteran exemptions on Property Tax and auto tax for Veterans. No SSA tax. Right now, the rental and housing market is really expensive, but it changes. Come on down! I wish you would! I am sure you'd find more good things.
Difference is minimal. I make over 100k a year in Vegas region and the savings from vegas to, say San diego are only a few thousand a year. Not worth it all right now and no I don't live in a fancy ass place. You want to save some real money? Move to Idaho, Tennessee, WI. MN, ETC. not to Vegas. Vegas area is overpriced and not worth it at all
Delaware does not impose a state or local sales tax, but does impose a gross receipts tax on the seller of goods (tangible or otherwise) or provider of services in the state.
The tax burden falls on land owners. You own land, you pay LOTS of tax. And while there may be no income tax per se, they love FEES. Fees are NOT tax and so they get away with saying it is not adding tax or creating new tax burdens because FEES are your input into whatever financial pot they want money for. For instance, One fee among many that I see on my electric bill is a research and development fee with a rather professional and pretty name which basically charges me to input money into THEIR cookie jar for things they MAY want to do. Don’t bother calling them up and complaining, they will just tell you to get your electric from somewhere else…and if you are rural those choices are slim to none. Income tax free states are for anyone not planning on having kids or owning a home.
For clarification, Texas has the 7th highest property tax rate in the nation(he phrased it weirdly). Also with TX, you're almost guaranteed to pay 8.25 in sales tax, deal with an over-inflated RE market, and severely congested roads in every mid-sized city. Gas and electricity are modest I suppose, but mover beware.
Texas does have the lowest prices at the gas pump but our electric bill in the Dallas burbs is insane. And our property tax is twice what it was in Illinois.
@@lacee7494 what I can't figure out is why TX is Never on any list as being a good State for business, yet people and companies move there by the 1,000's? Go figure. I was in TX for 57 years overall. Am now in WI due to extended family members with Alzheimer's. After they pass, I hope to move elsewhere warmer that has low overall taxes, since all I have is Lousy Social Security coming in. Govt outright lied to me as to what I'd get once I retired at full retirement age, but when I got there, all I got was/is a little over Half of what they said. Congress is a bunch of thieving idiots with No financial acumen that are all a bunch of Ripoff artists in the guise of "caring" individuals. And they have their own retirement set up and don't have to follow any of the rules they shove down our throats. The solution is Real Easy - first take S.S. away from Congress's control, put the money into the hands of thoroughly vetted financial investment companies with a long history of 100+% Yearly gains on people's investments and we could easily retire at 50 and Never run out of money in retirement and not even worry about high inflation due to inept govt/FED policies. There's multiple financial investment companies that could help us.
@@davidd34 "100+% yearly gains"? lol I think your asking of a bit much there. The only plan that can promise massive gains like that forever is a Ponzi scheme and it's basically a lie. Otherwise your advice is good. Give the money to professional investers and let them grow it fairly safely. The government of Canada does that with our government investment plan (CPP) It's solvent for at least the next 75 years. It's smaller that US Social security but it's pretty sure to be intact when you retire.
I’m no fan of state income taxes. That being said taxes paid are an amalgamation of income tax, sales tax, property taxes, and other taxes and fees. Politicians always want more money
Unless you are a tourist state (or New Hampshire for some reason) being in a no income tax isn't great since they have to get you somewhere else. The best is low taxes in all categories instead of 0 in one
@@Micg51 ….That’s up too each elected state government. Whether they have an income tax. I’m unclear if you think tourism explains why all these states not having an income tax. That’s obviously not true for most of them
Property taxes in Texas are obscene. Depending on your city and school district (they are separate entities) you can easily pay $13K /yr on a $500K house.
I thought about buying a house in El Paso, Texas. It was a beautiful home with a price of $250,000 back in 2019, but the taxes were $5000. We sold our home in Tucson, AZ for $250,000 the same year, but our taxes were only $1650.
@@nomadnationalist2776 That's been my strategy the last 30 years. But I live out in the boonies of the metro area. I pay for it with constant 30 minute drives to work or friends.
I Live in New Hampshire, It’s true we have no state income Tax, or sales tax, but we have really Really high local property taxes. And we pay a lot more in state fees and registrations.
avoid the virginia beach area. was there recently, they make NJ look like the most hospitable and friendly people South carolina on the other hand was super friendly
As a female - THANK YOU SO MUCH for how you handled the hot governor comments. Looks aren't the only thing that matters and I appreciate you tastefully calling out the bullsh*t
Tax on food was the first thing I noticed moving from Ohio to TN. Food is taxed at 6.75% in Bedford county where I live. Other grocery store items are taxed at 9.75%.
@@onsilverlining Rub's me the wrong way to tax me on my HARD EARNED Income. Plus people can't cheat a Sales Tax like they do consistently in the States with High Income Taxes and low Sales Tax.
Total tax burden: Wallet Hub has 2 states over 10%(NY&HA over 12) and 2 states below 6%(AK&TN). Throw them out and the maximum difference is 4%. Not inconsiderable but worth moving? Maybe not financially, but emotional well being is important. You get one life. Do what you really want.
@Big Dick Black BUT.... If you have an Income of $200K a year, and you moved to one of these States, easily you will save 5% to 10% right off the TOP. $20K extra in your pocket GOES A LONG WAY!
@Big Dick Black I agree, live where you want, BUT the argument I am making is looking at these States that don't have an Income Tax is a HUGE Advantage. My Wife and I make $200K combined a year, the savings in income tax is easily $10K a year say compared to GA with a 5% income tax. Use that $10K and compound that into a 401K every year, and you'll have a nice nest egg that ALSO these STATES won't take all your retirement earnings...
There are also several states that DO NOT charge state income tax on military or federal government pensions. Surprisingly, New York is one of those states. In addition, there's a pretty high threshold for payment of state income tax on Social Security payments, as well. Many who receive Social Security fall under this threshold, and pay NO state income tax. In addition, Iowa's governor recently signed a bill to exempt retirement income from their state income tax beginning in tax year 2023.
Income tax was never supposed to be permanent and taxes for schools and streets it's still supposed to come from sales taxes from businesses and corporations....
I moved to South Dakota from Nebraska (the tax me state of the midwest). I really enjoy not having to pay state income taxes. I enjoy the low cost of living however when I go grocery shopping i see the tax. However I'm glad I don't get taxed on my income and my groceries like in Nebraska. It works for me since I don't have a family and I'm on my own so schools are not of great importance. If I did have a family I would have to look at schools and or going to a private school. The governor is up for re election in 2022.
I was thinking maybe they spend half as much per student, but what are their scores like? CA pays one of the highest and the students are among the dumbest.
@@AbsyntheAndTears very true. what's happening to Phoenix is very troublesome. at the same time, I was amazed how aggressive Ducey got when it came to getting the tax cuts passed. Really hope AZ doesn't become an unstable wild card state.
@@AbsyntheAndTears Thanks to all the Californiastan incomers my house I bought 10years ago for 100g is now 400g. Could sell it in a day. Problem with AZ is inflation and sales tax. Minimum wage is jacked so things like groceries are going up 5% a year. Bucks me that sales tax can vary by street around Phoenix.
Live in NH…property tax and car registrations are off the charts (up to $1000/year for newer vehicles). I’d much rather have a sales tax than those (we have a 9% room and meals tax btw). High property tax favors the wealthy. In NH the wealthiest towns have the lowest property tax rates. For example, my $300,000 home is taxed the same as a $1,000,000 home on the seacoast or lakes region. If you have millions to spend on a house NH, is tops on the list, but for the middle class, it is one of the most expensive places to live (New England in general). Wages are also low compared to surrounding states. Great place to live, but not a cheap place to live.
Wyoming cost of living high. Buying a house is unreal for most. It's been several yrs since I lived in Tenn but they have a road tax. I think it's based on wheels. Cost of living unreal.
Robert F makes an excellent point. I'm nearing retirement and even with a state income tax it will be much cheaper for me to retire in Arkansas or Oklahoma than to stay in Texas.
I moved from CA to OR. Holy shit I thought CA was high in income. I often pay more to Oregon each paycheck than to federal. The no sales tax is really the great part.
We moved to NH from NJ a few years ago between property, sales and income taxes we have about 20% more take home pay a year.
I do appreciate tax breaks but navigating loopholes feels dangerous. How can I ensure I'm taking advantage of tax-advantaged investment structures without potentially encountering unintended consequences?
Loopholes are tricky, but there are plenty of proven tax-advantaged structures. IRAs and employer-sponsored retirement accounts are great options. You can also explore tax-efficient investment vehicles like municipal bonds or index funds. These offer benefits like tax-deferred growth or tax-exempt interest. Talk to your financial planner about these options.
Yeah, planners could make a lot of difference, particularly in a market such as this. Bonds are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over (250k) just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
Could you elaborate on the advisor's background and qualifications?
Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
NH is gorgeous but cold! FL is great but really hot. Those are the only two I would consider on this list. Great information! Thanks 👍😊
I live in Oregon now used to live in Texas. Much cheaper in utilities, no sales tax, property taxes on my house in Texas was 13%-15% of my pay. In Oregon I pay 2800 in property tax. And when I moved my pay went up by $11 more an hour. My house payment is less in Oregon than Texas. Texas also house much higher rates on homeowners insurance and car insurance than Oregon due to all the hail storms. And my electric bill and water bill was 3 times the amount in Texas due to the extensive heat throughout the year. Left Texas and will not go back. No state income tax is not all that it is cracked up to be.
Yes, our homeowner's tax is TWICE in Texas what it was in Illinois.
I live in Oregon and see a LOT of Texas plates driving around
@@weswest8666 and California
Is it possible to live in California but be from Texas or Oregon and benefit from it
I have that beat. Lived in Texas, lived in Oregon. Where I now live, no sales tax, no property tax, no income tax, no school taxes. No military to support makes a world of difference. I rent a 7 bedroom/5 bath house with 4 car garage on 23 acres for $153 a month. Plus exempt on US Income Tax to $107,300 a year.
Just because there are no income taxes, I live in Nevada, but they often make them up elsewhere. When I first moved here groceries were taxed. A couple years later the legislature removed it. If you are thinking of moving to one, research all the taxes in that state and how they will affect you.
Reno/Washoe County has high gas taxes to pay for roads and public transport (buses). Reno/Washoe County & Clark county (Las Vegas) has higher sales taxes than much of the state. Reno/Sparks also has higher property taxes than the rest of the county....it's likely higher in Las Vegas/Clark County too. The taxes have risen as folks cash out of California, move to Nevada and expect it to be like California....so they vote for tax and spend politicians.
I think you should do a video on the overall tax load. Income taxes in one state might be more than offset by other taxes and fees in another.
Yes! A lot of the utility companies slather on the fees that can kill you. Cable companies, too. Brilliant idea.
Thank you, in MA we have an income tax, but no tax on groceries or clothes. Many of these States have a much higher property tax in addition to other fees or taxes
oregon has no sales tax
Florida Man here. Yes please do. States get their money one way or another.
@@aevi09 what about homeowner's taxes?
When I lived in Alaska that yearly check was great because I had 4 kids and a wife. That means I got 6 checks each year and that took care of all of my other taxes like property tax etc.
Where in Alaska if I may ask. Looking forward to going back to The States and interested in knowing, thank you!
@@nomadnationalist2776NN NN NN j NN nnnjnjjj NN jjnnj I’m jjnñn NN nnnnnnnnnnnnnbbbbbnbb NN bbb B B v NN B bbb
I'm in the process of making a spreadsheet of states and the traits that are important to me. Your videos give me a lot of good information and starting points for research. Thanks!
Yep. His vids keep confirming WY is th state for me. Just trying to decide where 😊
For example? Could you elaborate? I may be able to contribute
I already did...Going to try to copy and paste it here.
Jennifer. For example? Could you elaborate? I may be able to contribute
Good idea!
BORN FREE, TAXED TO DEATH! My motto! 🙄🙄🙄
Home of the fee, land of the slave ....
If the biden dumb asses can have pet cemetaries vote, then my pets are my children and I should claim them.
The cost of goods in Alaska is very high. Grocery prices are triple or quadruple what they are in the lower 48.
I went to Soldotna a couple years ago and bought what I thought was about $25 worth the stuff. It was $57.
Maine's grocery prices are high too.
That's because it costs more to ship goods to Alaska because of its remote and no-ease-of-access location.
Nebraska isn't any better. It is getting worse. Unemployment may the lowest in all 50 states but in reality there are highly quantity jobs not quality jobs.
As for taxes, since 2010 when a Former Mayor of Omaha created a Food Tax/Occupational Tax, the people of Omaha was not happy about it. Many people would boycott and go take their business elsewhere because the suburbs and rural areas and the other major 181 cities don't have an occupational tax when you go out.
That mayor was also on the verge of being ousted by the people of Omaha because of the people. He survived being fired by the public (I cannot think of the word/term when the people or residents want to fire a mayor, impeach or boycott him).
Anyway, so we now have a Republican mayor in a Democratic county that just started her campaign. She told the people of Omaha that she wanted to abolish the Food/Occupational tax when she got voted in the first time. Now it's her third term and she still hasn't done that. Go figure. Sounds exactly like the late George Bush. Bush vs. Dukokis
"Read My Lips. No New Taxes."
The moment you realize that there are only 2 counties in Nebraska that are Democrat and both of those counties have a major city and both counties are Democrat while Nebraska is a Republican state with all 5 Electioral College Votes (House of Representatives and US Senate) that are Republican.
Yeah. Nebraska...it's not for everyone and not to mention coming from a friendly rival of Briggs, Nick Johnson had a huge video of Unboxing Nebraska and there were 4 things I did not know, one of them was the high amount of drug use in Omaha.
#1 for marijuana use, #1 for heroin, #1 for meth, and #3 for crack.
Omaha is not nice or awesome as people say it is. The only good thing about Omaha is the cost of living. If the cost of living was higher, I would have left Nebraska a long time ago.
I live in Alaska, been here 25 years. People exaggerate the price increases of goods. The only places you'll find groceries 2 to 3 times more expensive than the lower 48 are places not on the road system, villages in the bush.
I live on the Kenai Peninsula, my wife is from Oregon and goes back and forth between the two states often. She estimates that our local grocery prices in Soldotna are 25-30% more than in Oregon.
Yes, goods are more expensive here but not double. Depends on what your comparing as well. In general though, Alaska does have a higher cost of living. Most boroughs have Zero property tax for people who meet the retirement age of 62. So in my case, I own my home outright (no mortgage) I pay about $1600 a year in property tax. Once I turn 62 I will only have to pay gas and electric to live in my home which amounts to about $200 a month on average.
Our gas currently is $3.65 for 87 octane, I saw it's $8 for the same in California and $6 in Louisiana.
There is no perfect place unfortunately.
When we moved to Florida in 2005, my first check had no State tax. I cleared $700 more a month. When in Ky I paid taxes out the wazoo.
YEO! KY HAS A LUXURY TAX ...THEY TAX OUR CAR BASED ON ITS VALUE ACCORDING THE STATE!! IF YOU DONT PAY IT . ITS ILLEGAL TO DRIVE WITHOUT THE REGISTRATION. SAME TAX IN INDIANA ! WORKED IN OHIO AND TAX CAME OUT OF MY PAYCHECK FOR LIVING IN KY !
@@tucky2297 Ohio also has municipal income taxes, at least in the Cleveland area. It gets complicated when you live in one suburb and work in another.
@@williamwingo4740 not really you just pay the difference if where you live is higher than where you work assuming your employer is deducting the rate where you work.
When you’re retired your income is obviously much less and if it’s mostly social security which is non taxable in most states. What retirees should be looking for is low property taxes not income taxes.
but not many retirees should own a house tied up their assets.
@@spyxxx566 Make it make sense please.
Nevada has very low property tax, and no income tax. Great place to retire.
Many places Have Senior citizen discounts.
Which should be taken into account
No *sales tax* states might be something that you would want to look into.
Moved to WY from CA 4 years ago. WOW what a difference in bring home income.
The DMV license plate tags in Tennessee are only 29 bucks a year.
Flat fee of $20 in GA.
Used to be just north of $100 in Illinois… now it’s what? $150? And given how corrupt & incompetent this state is, even precovid, it would’ve likely been on track to surpass $200 annually sooner or later…
@Doug Spooner One good thing about WA is that we don't have to pay for car safety or smog inspections every couple of years like a lot of states. The cost isn't that big of deal, but just the time it takes to do it can be a pain.
@Doug Spooner I agree and that's why I said the cost isn't that much but the time to drive to the inspection place and wait is the real pain. Also, a state safety inspection would require me to replace the cracked windshield in my "beater car'. LOL
151$ in Illinois, for past 5 years they raised my property tax 3 times , one more strike agains me and I’m out ,Tennessee sounds good
You Rock Briggs you Rock
Blessings from Redondo Beach CA
🏖️
Washington is NOT tax friendly. It has high business taxes. Property tax DOES effect renters. It gets passed on.
Every state I have visited with no income tax, there were fees on everything. FL has tolls on every road that gets you somewhere fast. And they are careful to not use the word "tax", but charge fees for everything in schools, building supplies, everything. Give me a tax system, where at least the citizens who vote have a say.
Usually states with no income tax have low paying entry-level jobs.
I use that round thing in my car to vote on whether I'm going to pay a toll that's used well while enjoying no income tax and property tax that has gone down eight years in a row because we vote for everything and don't have power tripping officials.
it all usually equals out
A good accountant and some legitimate write offs can do a lot to help you with state income taxes. But they can't do anything with fees and higher property taxes.
@@JaimeGarcia-pe7bj That's not paying one's fair share now is it. Funny how I live in a state with no income tax and no taxes on most food and clothing items and the few cheap tolls I pay by choice as there's always another way go straight to improving what the toll is four like the new six lane and bridges. Even my property tax has gone down, a lower rate than most other states, eight years in a row because our town isn't corrupt and we have a say in everything like the new senior housing neighborhood that helped lower our property tax while making the value go up. Live Free or Die
I'm in Illinois! Any of these sound wonderful!!
Me too but the ultimate math isn’t as bad as you may think. I still can’t wait to leave Illinois though.
I’m here too. Some of the highest gas taxes, property taxes blow as does our mandate crazy fat governor. Can’t wait to leave this state ass well
Lol, I'm in Connecticut, where everything is tax, shoot they even tax your tax! Taxes are high and practically on everything here and I can't wait to move out of this state!
Tennessee also taxes groceries, which is why so many of them migrate north into Kentucky on payday to shop, as we do not tax groceries. And our sales tax is 6%. And regarding South Dakota, a neighbor of mine moved back there a few years ago, and he tells me that real estate is through the roof as outsiders moving there are driving the prices up. Same thing with the metro areas of Tennessee, with Nashville being stupid high.
outsiders are destroying several states!!!
I'd rather pay sales tax than the state and county income taxes in KY.
And tennessees property tax is huge
A bunch of Pictures of shit
I really hate that!😟 I live in Maryland and my husband and I really want to relocate because it's so expensive here and we pretty much have no hope of ever buying a house here. But my in-laws don't want us to leave the state while we have young children because they seem to think we need their help. So we are trying to wait until the kids are older, but the way you talk is like people from California are driving up housing prices in every other affordable state!😞 We were trying to go to the midwest but I feel like everyone else is doing that too and it's all gonna be too expensive by the time we can even hope to move. We were trying to go to Iowa so hopefully it isn't as bad there as you say it is in South Dakota.
I think living in a state with no income state tax is better because most other types of tax are about spending. I can control what I buy, which means I can control the amount of tax I pay out.
When you retire, the income tax becomes a consumption tax. Only taxed on what you take out of 401k and on social security. This works as long as you don't have large RMDs. Those with large RMDs must pay on money they take out of 401k's and do not spend.
Well, except if you own a home. Our homeowner's tax in Texas is twice what it was in Illinois. And don't think landlords don't add that to the rent.
Agree..you can control how much you want to spend.
This!! 👏👏
Being taxed on consumption versus on income means having greater control over how much tax you pay. Paying tax on groceries in Tennessee is more than offset by the much lower cost of housing and energy.
Renters pay property tax, just indirectly. It’s an expense to the landlord who just passes the cost along in the rent.
Very true. I live in NH with no sales tax or income tax for under 50k. But property tax is sky high.
Magascum don't do nuance. Or reality for that matter
@@TropicalLatitude there's also either a fee or permit for nearly everything you might want to do on your property and a fee if your land is waterfront of has a view, they attach these fees to your property tax but don't list them.
AZ does refund part of Tenants Property Tax Paid.
@@TropicalLatitude so I should just live in a nice RV?
We need one on states not taxing social security….
hey, Briggs. would you consider videos on weather in different areas?
Great timing! just trying to find a place I can move to w/o income tax :-)
Nevada is best overall
Key word.....palms! If the state has palm trees, there's your destination.
Avoid CT! Everything is taxed and are high!
@@miksilv4576 do you leave in Nevada?
I’m moving from MD to WA. I hate paying the high property taxes and state income taxes in MD. The state motto should be, “Maryland, if we could tax it, we would.” Do you know that if you buy a new car in one state and paid 3-4K on the sales tax, once you move to MD, you still need to pay the 6-7% tax on the vehicle again? Ouch.
Don't go to Washington unless you're already here you probably already know it was a big mistake.
I live in both WA and AZ. Although no income tax in WA, they have high fees on everything. They even make you pay an additional $140 on top of annual vehicle registration if you have an electric car.
Try CA... they f--k you in every way possible. Cannot WAIT to gtfo of here.
LMAO, you mean all the levies that go into a slush fund that the government uses at their discretion without approval of the citizens of WA..
I mean you are using the roads dude. You are not paying the gas tax which goes to the roads so it's only logical to tax electric vehicles
I live in Pierce County and am paying for a light rail qe will never see. My car tabs were over 550.00 this year!!
@@nahnahson Heavy truck are what really wear out the roads. Vehicle registration fees are what also pay for the roads. Electric vehicles don't pollute the air (at least not in WA) so don't contribute to the "health tax" that we all pay indirectly.
So we went to Honesdale last Sept and Johnson City, TN, this Sept. leaning towards TN (NorthEast only) due to having the same climate as I currently enjoy. Honesdale is one zone cooler and more cloudy days. Plus it was a bit too difficult to find level land to even build a garden. Loved the meat store in town though! Have you gotten any closer to finding your retirement spot, Briggs? We are the same age. Thanks!!
Property tax in Austin and the surrounding suburbs on just the median home has doubled since 2010 to around $8,000/yr.
Yeah it's crazy. They say it balances out cause you don't have state taxes but 8000 divided by 12 is 666 dollars a month. A coincidence, I think not. Property taxes are the devil's work.
WOW. My sister lived in Austin for one year and tried to get work as a teacher. She was unsuccessful. I don't know why!
It's a percentage based on the value of your property.
@@suzintex2002 I just read somewhere where the median home value in Austin is $575,000. I think the percentage is around 2 percent. That comes out to $11,500 a year. That is insane.
@@danieljones1784, Austin is insane. That's where all the Californians and the hippies go. I wouldn't live there. Property taxes are different percentages per county. I thought the Governor made them lower their rate though.
Driving through Tennessee from Ohio the first thing you notice is the high sales tax especially on fast food which isn't taxed in Ohio if you take it to go.
Maybe it should be. Fast Food is a huge contributor to our high healthcare costs.
@@silasbishop3055 as if taxing fast food to go in ohio will help solve the high healthcare costs.
I loved that about living in Ohio! For those who don't know: all prepared food (not drink) bought for eating away from the restaurant/store is non-taxable. I did this for months in 2020 when most restaurants weren't open for dine-in.
In 1980 we moved just north of Cincy from Murfreesboro, TN. When my parents found out about the 0% taxes on the drive-thru they couldn't stop talking about it for quite a while almost every time we ate out. I'm back in TN now and love not having income tax after paying state and local income taxes. But yeah, we raked over the coals at the check out for anything. Kinda surprised the Trumpsters haven't figured that out.
@@silasbishop3055 I cold Turkey quite eating fast food. In 11 months I lost 15lbs. No exercising or any other change in my diet. Note I stopped drinking soda 8 years ago so that was not a factor. Then with just walking 3 miles 4 days a week added to the mix in another 5 months I lost a complete total of 37lbs and have kept it off. Obviously Fast Food is very unhealthy. My Doctor told me Last week I look better than I have in the 36 years he has been my primary Doctor.
*_Love to see a chart from 1 to 50 of the best tax friendly state so I know where my state ranks..._*
I like the fact that Oregon has ZERO sales tax, and I want it to stay that way!
They'll take it in higher home tax and much more😂😂😂😂😂
@@1lorijb
I am not convinced that a state sales tax would mean lower income or property taxes. At least not in the long run. Look at the high _3-tier_ tax system in our neighbor California.
Oregon taxes people for riding bikes. Its ridiculous.
@@freedomforusa1658
How? I was thinking of getting a bike, so please explain.
Those states without a personal income tax make up for it with other forms of taxation.
It's called "squeezing the balloon".
True, I live in Washington state. Some of our leaders want to add an income tax on top of the sales tax.
@@michaelsmith5769 Thank you. I did not know that. But the do squeeze the he'll out of it.
Alaska also has: free hunting, fishing and trapping licenses for residents once they reach 60. When you reach 65 you can get a Permanent Registration sticker for one vehicle. Also, when you reach 65, you can get a Tax Exempt status which eliminates sales tax on food and property. (Possibly on prescription drugs too, but I get mine through the VA so I'm not sure about that.) Love the channel!
Yeah, that all sounds like a bonus.....but....it's Alaska, and I'm not ready to die or become an alcoholic.
It's rural what they don't know won't hurt anybody, hungry?? Eat what nature provides the way the FATHER intended it
@@nomadnationalist2776 Property taxes.
Defected from Californica 17 yrs ago to Florida.....2% COLA has increased my income quite a bit....Just guessing, but figure I've saved upwards of $100K of CA tax since defecting in 2004....
Now, this is a wonderful Video!🔥🔥🔥
They make up for it in other ways. Believe me. I've lived in both.
Exactly. I've lived in both also. In the end, it's all the same boat. Unless someone has a very specific living situation like retirement or Social Security benefits, moving somewhere because of no income tax is absurd, trivial and greedy.
@@nick8243 It's absurd, trivial and greedy to want to keep my OWN MONEY? GFY
@@swn69 taxation is the LAW. Deal with it.
@@nick8243 or just move somewhere that doesn’t tax as much and more $$ for myself 😀
@@nick8243 Who's greedy, the man who wants to keep what he earned or the man who wants to take it? Taxation for the common good is acceptable. We've gone well and far beyond that.
Can you do a list of highest taxes- love your channel & ty for all the you do for our entertainment
Thanks Briggs, for the info you provide. Just so we can make informed decisions on moving to another State!
Great info! Alaska: is it true that even if there's no sales tax, things cost quite a bit more because they have to haul most everything from mainland U.S.?
thats overblown. in Anchorage I didnt see any real difference in cost vs my home city of Portland Or, Fairbanks was a touch higher, but not really that much more. they have Fred Meyer (Oregon based Kroger affiliate) and Walmart, so goods come in very regularly in major areas. however, small or remote towns can be very high, you dont want to buy orange juice in Barrow or a watermellon in Dutch Harbor, but its not as bad as you'd think
First off love your channels. Here goes: I am 65 yr old and on social security as my only income. Now I am a retired RN that worked over 45 years in health care so I do make more than 1500$ a month but only by a few hundred. Where in lies the problem I don't qualify for any state aid as I make too much BUT I am living below the poverty level based on your great series on poverty levels in each state. Soooo (shrug)
just move to another country and you won't have to worry
I don t advice you to move to another country because of your age, no where is perfect. I am african residing in USA almost 16 years now. I m advicing you because of my experience. Take care🙏🏾💜
Ecuador,Colombia,Thailand and Portugal,affordable for retirement for single person on limited ss.Also healthcare and climate is good in all these places and plenty of overseas retirees
Get a roommate and stop voting for Dems
no pension or 401K after 45 years in health care?
THANKS, AND HAPPY SUNDAY BRIGGS!! 😃👍🌴
Living here in Nevada they make up for that state income tax by having government tax fees when you register your car. When I got my 2019 civic I had to pay $360 for Registration for just 1 year.
Lucky you. I just paid $1,031 for my X4. For ONE YEAR. State of New Hampshire btw.. also property tax here is insane. One of the highest in the country.
I spent most of my life living in Texas, Washington, Alaska, and Wyoming. It is strange to me that states actually have an income tax. Washington State has a new income tax coming in 2022, though.
I'm thinking about moving alot Wyoming is cold and people say living is expensive there what's your knowledge on Wyoming for a not young single person
@@michaelyork7844 It is cold no matter where you go. Cost of living varies, I suppose. The northwest part of the state is nice, but really expensive. I lived in the Rock Springs/Green River area (southwest); not much to do and lot of stupid, unfriendly people. Practically a desert, not many trees. I would recommend Casper or Cheyenne; they haves traces of civilization and the landscape is a bit nicer. If you like the outdoors, Wyoming is great. If you are looking for a good woman, you'll want to join a church. Not much variety in females, you'll want to import or bring your own. If you want to live off grid, I recommend eastern Washington, north Idaho, or western Montana.
We moved from Illinois (state income tax) to Texas in 2005. Our homeowner's taxes in Texas are TWICE what they were in Illinois. TWICE. Even if you don't own those taxes are made up by landlords.
My CA income tax is very nice, but DMV registration and 10% sales tax (varies by county) cuts in to that
Washington crows about not having an income tax, but "Sweet baby Jezzuz" everything else is taxed to the hilt. Not to mention Olympia & Seattle love New taxes
Hmm, New Hampshire with no state income or sales tax sounds really attractive...but I don't think I'd last through one winter. 😩
We're getting ready to move there from CA (long story). We see a lot of Vermont and Mass. cars in the parking lots of grocery stores :) . NH does tax liquor (they have state run liquor stores), and their property taxes are among the nation's highest. And speaking of winter, a lot of people in the rural areas either buy 10+ cords of wood (no joke) or fill up their 1000 gallon tanks with heating oil (also not a joke) each year.
Shayne, our winters are not that bad. Unfortunately with every passing year, we get les and less snow.
@@michaelsmith5769 I think Briggs has mentioned "heating oil" on his channel before!
@@shaynewhite1 Yeah, it's big where we're going to be living. That's a huge expense outsiders don't think about when you hear "no income/sales/estate/etc tax". It's about $3.25 a gallon in NH at the moment. $3200 to fill one of those tanks. Even a cord of wood at $200/cord is $2000 for 10 cords.
Trust me you won't. Was there for their worst snow storm in 100 yrs. Power out for 3 days, went to the only hotel open with my dog. Some towns took weeks to get power back. When we went back home the propane fireplace with the 200 gal tank worked.
The 600 gal oil tank for heating did not. Happened again 2 yrs later. Now back in sunny CA.
Make sure you get a generator.
I have a friend in Alaska! My best friends brother! It's the oil subsidies, but you have to spend 6 months there to get it! Went there in 94! Simply amazing!! Always tell them I'm coming back, but life gets in the way.
Vancouver Wa. No income tax. Close enough to Oregon for no sales tax.
Lots of us in Texas find that property tax debilitating. Eventually as the appraising districts keep adding the annual nearly 10% valuation, the property tax just gets out of hand. I will get priced out of the home I own simply due to property taxes at some point.
Agreed. In Calif, Prop 13 keeps your property tax frozen for just that reason. So that $40K house now worth $600K... the real reason so many move on. Buy cash somewhere else.
You never own a home in Texas… you just rent it from the government. Property taxes in Texas are horrible. That no state income tax is so misleading.. they recoup it all in property tax
I'm in Ohio...there's state income tax and in my county there's an 8.5% sales tax on EVERYTHING. Some of the sales tax is a "temporary tax" enacted like 20 years ago to pay for new stadiums to benefit the rich team owners...it's a permanent temporary tax...
In PA our 18% temporary liquor tax was enacted in 1936.
@@bradklingensmith It's only temporarily permanent...
@@bradklingensmith lol politicians are the worst, always looking for a fancy way to stick their finger up your ass.
I lived in Las Vegas and Im from NYC. They both have pros and cons.
No matter how liberal you or your state might be, everyone's a Republican when it comes to their own taxes.
😂😂😂
What? Democrats is the party that love to TAXES YOU TO DEATH! FOR THEIR DUMB IDEA!
But "conservatives" will fight to pay another 70% of their income for the healthcare tax in the USA.
Yet liberal states are cheaper when you really do your homework
@@NSwhoa California says other wise
Folks, before you sign off to no state income tacks(misspelled on purpose), I love that prospect too, but I recommend going to World Population Review and looking up the total tacks burden for each state. That's income, sales, property tackses, etc., combined. Under that criteria, A K is the most tacks-friendly state(5.16% total), while N Y is the least(12.28% total). And that is before adding county and city-level tackes to top of that.
That said, this video is still helpful for sure. Including no Real Housewives of Wyoming! 👍
I’d be careful with the world population review. I have found them to be off more than a few times with their data
Texas...I will stay here thank you very much 😊
Would have like to see fuel tax included in the video. Washington really sticks it to us.
Not to mention the communistic governor Inslee is insane
Briggs, You Only Named 9 States Total Not 10: Wyoming, Washington State, Texas Tennessee, South Dakota New Hampshire, Nevada, Florida, Alaska Thanks Again, NYC
No shit. Read the title .. it doesn't say "10 states" ... moron
@@IncredibleDev88 You gotta relax... Remember Briggs slogan... Be nice to each other.
@@IncredibleDev88 But, he does number them 10 to 1, Bitch. Don't insult me unless you desire to be insulted coward.
Great video, you did it again. Any chance on doing a video of the migratory habits of various groups of snowbirds. I’ve considered buying a cheap mobile home in two places and moving back and forth every 6 months. For example there is a community in Niland Ca called Fountain of Youth (mobile homes and fancy RV’s) that seems to have the same crowd going there every winter. They all know each other.
The tax burden thing only really affects you if you’re moving from a HIGH tax place like CA. Otherwise, you’re not gonna see much difference in your wallet. If you have a large amount of money, by all means head to your closest tax haven.
Tennessee sales tax is INSANE! i have lived here 6 years and still get sticker shock.
Same here. It's like a little gut punch, especially when buying things like electronics or clothes.
Hubby and I live in a Very Small 'Village' in SW Ohio---believe it or not, we are frickin' GOUGED on property taxes every year. Thank the Lord our mortgage is paid off.
Same with property taxes in New Hampshire. I live in a condo, about 1300 square feet..They raised my property tax by $600.00 last year so it's $4,400.00 annually. Unless they've raised it again this year. I'll know this week. (Pray for me, lol.)
@@eagleeye2300 Sooooo..., which is it? $600 a year, or $4,400 a year?
@@eagleeye2300 property value going up? What is the bracket?
That's why I hate your Oregon, too taxed for retirees. Nevada where I live it's great.
Why would u wanna live there tho, like the summers, the lack of rain, nty
@@abufarsakh9919 I'm retired, retired from Microsoft in 92 at 35 . I actually travel year round to Europe, this is just my homebase. I'm actually in Waikiki now for 2 months.
I love Oregon, no sales tax!
@Big Dick Black I grew up in California and was born there, I have family in WA, taxes are sky high in both places! Many seniors retire in Oregon, no sales tax, no SS tax , and no income tax if your truly retired! Capitol gains if you are lucky to have $$ and property taxes are what most many pay for.
@@lauranardoni5626 Oregon is one of the most unfriendly tax states towards seniors, Nevada is the most tax friendly state's towards seniors.
From South Dakota real estate is getting high here from out of state people buying here. Which makes hard for the locals to afford since wages in South Dakota are low. A buddy of mine told a person who moved here from another state that’s fine but do not bring your friends with. Yes the school systems struggle here keeping teachers and other funding. Our teachers are one of lowest paid in the nation.
Happy in NH. PS: Could I see more of the S. Dakota Gov.?
👍👍🤣🤣
New Hampshire has a 5% income tax this list is wrong
@@nismo20032 Not on income but interest. I have been here for 33 yrs. and I didn't owe anything.
welcome from Hungary, where sales taxes are 27%, and income taxes are 35-40% :D This is a Bear Grylls kinda challenge to live here :D
Do you have free healthcare?
So the US wants to copy VAT and such but not all the other things, like free college, gas buyers paying for infrastructure and so on. We still pay over 50% tax with property and all other tax, and some are 65%. No free lunch.
@@robclark3095 It is not free, but the income tax is containing it. if you are unemployed, or you have unannounced job, you have nothing, unless you pay for it somehow
@@rvboondocker2559we have to pay terrible amount of money for education here, and gas is more expensive than anywhere on world, 1.56 USD/ liter :D
Being a senior over 65 I get a big property tax exemption on our primary residence. We have a modern modest home and we pay nothing.
Sales tax, property tax, and income tax must all be taken into account for your personal situation. I have worked it out, and we pay less taxes in CA than we would in TX.
As a resident of San Jose CA, I constantly see stuff on the internet that does not match my daily life. There is no poop or hypodermic needles in the streets, there are homeless in certain places, but aren't there in every place that has a survivable winter? I did the math, and a person making $100,000 a year with a $500,000 house pays about the same in TX and CA, because TX property taxes are twice CA. Being retired, I don't buy much, so sales tax is unimportant, and my $1.3M house would cost over $1000 a month more in property taxes. CA does not tax social security. So CA may have a rep as high tax, and it is, but not so much as you might think depending on your situation.
Real estate costs way more, but TX is catching up due to economic success, same as CA. Plus in CA, our electrical grid doesn't fail statewide for multiple days. Those high taxes pay for many wonderful parks near me where I go every week. The climate and culture are wonderful. I look at articles about where to retire, and I never find a place that matches CA. CA has its problems, so do TX and other red states. The idea that CA is a hellhole because it is blue is wrong. The govt does not control nearly as much as those who would condemn a place because it is politically distateful to them would have you believe. Most of it is baked in the cake, politicians just take credit or deflect blame.
My nephew works in Corpus Christi and came out for vacation. We spent 3 days walking through many neighborhoods in SF and there was no evidence of the hellhole his co-wiorkers warned him about. He said they wouldn't believe him when he told them that. Their attitude is not based on dispassionate fact gathering, it is based on tribal politics motivated reasoning.
That is interesting on what you tell us about Texas being higher in taxes than CA. I was told by my stepdad that California has the highest property taxes in the nation then NY and NJ respectably. Is the economy in TX really that much better that property taxes are 2x more than Cali?
@@dudetocartman Property tax: CA is 1% with prop 13, so it can only go up 1% per year. TX is 2% This is because TX does things local (prop tax) while CA does things statewide (income tax). People who moved to fast growing parts of TX have seen their property tax double or more in a few years.
Sales tax: similar, varies by location.
Income tax: TX has none, but CA does not tax social security. What they do tax is extremely progressive, low income pays very little, billionaires pay 11%. I paid $200 last year on $100,000, will go to zero when wife retires.
A person with a million dollar house in CA and $100,000 income pays about the same as a person with the same income and $500,000 house in TX. A retired person with mainly social security income and the same house pays less than CA.
Also, my gas and electricity has never been more than $200/month, my sister in TX has paid $700/month in TX, although her house is twice the size of mine.
Also also, TX is developing and real estate is going way up in many places, so tax bill has doubled in a few years, Unless you have major income other than social security, taxes are lower in CA for retirees, and with prop 13, they won't go up much. If you are billionaire with small house, TX wins. If you are retiree with big house, CA wins.
My Florida property tax went down this year, and is still less than a month's apartment rent in San Diego.
NV has a fairly high sales tax but no State Tax. No tax on food. Briggs, you'd like Veteran exemptions on Property Tax and auto tax for Veterans. No SSA tax.
Right now, the rental and housing market is really expensive, but it changes. Come on down! I wish you would! I am sure you'd find more good things.
Difference is minimal. I make over 100k a year in Vegas region and the savings from vegas to, say San diego are only a few thousand a year. Not worth it all right now and no I don't live in a fancy ass place. You want to save some real money? Move to Idaho, Tennessee, WI. MN, ETC. not to Vegas. Vegas area is overpriced and not worth it at all
@@DaniMrtini You've got that right! Hope I am out of here soon.
Delaware does not impose a state or local sales tax, but does impose a gross receipts tax on the seller of goods (tangible or otherwise) or provider of services in the state.
The tax burden falls on land owners. You own land, you pay LOTS of tax. And while there may be no income tax per se, they love FEES. Fees are NOT tax and so they get away with saying it is not adding tax or creating new tax burdens because FEES are your input into whatever financial pot they want money for. For instance, One fee among many that I see on my electric bill is a research and development fee with a rather professional and pretty name which basically charges me to input money into THEIR cookie jar for things they MAY want to do. Don’t bother calling them up and complaining, they will just tell you to get your electric from somewhere else…and if you are rural those choices are slim to none. Income tax free states are for anyone not planning on having kids or owning a home.
In other words they are for magascum morons
Would be great to see a Top 10 state taxes with low/no small business corporation taxes...s corps/LLC's, ect.
LLCs are taxed as partnerships, so the tax liability passes through the entity to the partners. It’s no different than individual income.
For clarification, Texas has the 7th highest property tax rate in the nation(he phrased it weirdly). Also with TX, you're almost guaranteed to pay 8.25 in sales tax, deal with an over-inflated RE market, and severely congested roads in every mid-sized city. Gas and electricity are modest I suppose, but mover beware.
Texas does have the lowest prices at the gas pump but our electric bill in the Dallas burbs is insane. And our property tax is twice what it was in Illinois.
@@lacee7494 what I can't figure out is why TX is Never on any list as being a good State for business, yet people and companies move there by the 1,000's? Go figure.
I was in TX for 57 years overall. Am now in WI due to extended family members with Alzheimer's. After they pass, I hope to move elsewhere
warmer that has low overall taxes, since all I have is Lousy Social Security coming in. Govt outright lied to me as to what I'd get once I retired at full retirement age, but when I got there, all I got was/is a little over Half of what they said.
Congress is a bunch of thieving idiots with No financial acumen that are all a bunch of Ripoff artists in the guise of "caring" individuals. And they have their own retirement set up and don't have to follow any of the rules they shove down our throats.
The solution is Real Easy - first take S.S. away from Congress's control, put the money into the hands of thoroughly vetted financial investment companies with a long history of 100+% Yearly gains on people's investments and we could easily retire at 50 and Never run out of money in retirement and not even worry about high inflation due to inept govt/FED policies. There's multiple financial investment companies that could help us.
@@davidd34 "100+% yearly gains"? lol I think your asking of a bit much there. The only plan that can promise massive gains like that forever is a Ponzi scheme and it's basically a lie. Otherwise your advice is good. Give the money to professional investers and let them grow it fairly safely. The government of Canada does that with our government investment plan (CPP) It's solvent for at least the next 75 years. It's smaller that US Social security but it's pretty sure to be intact when you retire.
I’m no fan of state income taxes. That being said taxes paid are an amalgamation of income tax, sales tax, property taxes, and other taxes and fees. Politicians always want more money
Unless you are a tourist state (or New Hampshire for some reason) being in a no income tax isn't great since they have to get you somewhere else. The best is low taxes in all categories instead of 0 in one
@@Micg51 ….That’s up too each elected state government. Whether they have an income tax. I’m unclear if you think tourism explains why all these states not having an income tax. That’s obviously not true for most of them
@@Idahoguy10157 FL and NV are tourist states, they are the only ones that don't have really high sales or property taxes
@@Micg51… I pointed that out in my original comment. I have lived in both Texas and Nevada. I’m not moving back there just over state income taxes
Opinions are like A-holes. Now I need to move out of New York. Thanks for posting this video. 👍
Live by Columbia River on the WA side to avoid the state income tax and go shopping in Oregon to avoid the sale tax.
Property taxes in Texas are obscene. Depending on your city and school district (they are separate entities) you can easily pay $13K /yr on a $500K house.
I thought about buying a house in El Paso, Texas. It was a beautiful home with a price of $250,000 back in 2019, but the taxes were $5000. We sold our home in Tucson, AZ for $250,000 the same year, but our taxes were only $1650.
@@nomadnationalist2776 That's been my strategy the last 30 years. But I live out in the boonies of the metro area. I pay for it with constant 30 minute drives to work or friends.
With no income tax, low cost of living and low heat bills North Florida is the cheapest place in America to live
Moved to Florida 2 years ago from NY and I do not regret it at all. Groceries are taxed here, but not all items.
Please say you’re voting red. Please don’t ruin it for us
@@epipodiusalexander6492 I always have voted Red and nothing is going to change that. The Democrats are a bunch of Commie bastards!
Another great video ! THUMBS UP!
Be careful moving to Texas some areas have VERY high property tax.
I Live in New Hampshire, It’s true we have no state income Tax, or sales tax, but we have really Really high local property taxes. And we pay a lot more in state fees and registrations.
Thinking of moving to the carolinas/Virginia area eventually. I hate the winters and crazy cost of living up here the northeast
@@woodynorris8224 I dont really care about it being poor. Just want to find a low cost of living area to live off of investment income.
@@woodynorris8224 if you were retired and didnt need to find work where would you want to live? I'm open to other opinions honestly
avoid the virginia beach area. was there recently, they make NJ look like the most hospitable and friendly people
South carolina on the other hand was super friendly
@@woodynorris8224 ah well I'll look into it some time.
@@woodynorris8224 thanks man. Just give me a suburbia townhouse and I'm happy. Affordable ofcoarse
In Sweden we pay around 40% in income tax, 25% sales tax, and on fuel around 65%.
We keep about 30-40% of our money here..
As a female - THANK YOU SO MUCH for how you handled the hot governor comments. Looks aren't the only thing that matters and I appreciate you tastefully calling out the bullsh*t
Oregon no sales tax. But property taxes are high. They get ya coming or going
Tax on food was the first thing I noticed moving from Ohio to TN. Food is taxed at 6.75% in Bedford county where I live. Other grocery store items are taxed at 9.75%.
GA too, always rubbed me the wrong way on taxing food.
@@onsilverlining Rub's me the wrong way to tax me on my HARD EARNED Income. Plus people can't cheat a Sales Tax like they do consistently in the States with High Income Taxes and low Sales Tax.
My top two would be Texas, or Florida... I would say New Hampshire too, but that weather is a nope for me.
Total tax burden: Wallet Hub has 2 states over 10%(NY&HA over 12) and 2 states below 6%(AK&TN). Throw them out and the maximum difference is 4%. Not inconsiderable but worth moving? Maybe not financially, but emotional well being is important. You get one life. Do what you really want.
@Big Dick Black BUT.... If you have an Income of $200K a year, and you moved to one of these States, easily you will save 5% to 10% right off the TOP. $20K extra in your pocket GOES A LONG WAY!
@Big Dick Black I agree, live where you want, BUT the argument I am making is looking at these States that don't have an Income Tax is a HUGE Advantage. My Wife and I make $200K combined a year, the savings in income tax is easily $10K a year say compared to GA with a 5% income tax. Use that $10K and compound that into a 401K every year, and you'll have a nice nest egg that ALSO these STATES won't take all your retirement earnings...
There are also several states that DO NOT charge state income tax on military or federal government pensions. Surprisingly, New York is one of those states. In addition, there's a pretty high threshold for payment of state income tax on Social Security payments, as well. Many who receive Social Security fall under this threshold, and pay NO state income tax. In addition, Iowa's governor recently signed a bill to exempt retirement income from their state income tax beginning in tax year 2023.
Income tax was never supposed to be permanent and taxes for schools and streets it's still supposed to come from sales taxes from businesses and corporations....
I moved to South Dakota from Nebraska (the tax me state of the midwest). I really enjoy not having to pay state income taxes. I enjoy the low cost of living however when I go grocery shopping i see the tax. However I'm glad I don't get taxed on my income and my groceries like in Nebraska. It works for me since I don't have a family and I'm on my own so schools are not of great importance. If I did have a family I would have to look at schools and or going to a private school. The governor is up for re election in 2022.
I was thinking maybe they spend half as much per student, but what are their scores like? CA pays one of the highest and the students are among the dumbest.
Wyoming. Just wait until you have to pay the yearly auto license fees.....
Hopefully AZ joins this list soon
Too many CA people moving here along with their votes. It will be like LA in the next ten years.
@@AbsyntheAndTears very true. what's happening to Phoenix is very troublesome. at the same time, I was amazed how aggressive Ducey got when it came to getting the tax cuts passed. Really hope AZ doesn't become an unstable wild card state.
@@AbsyntheAndTears Thanks to all the Californiastan incomers my house I bought 10years ago for 100g is now 400g. Could sell it in a day. Problem with AZ is inflation and sales tax. Minimum wage is jacked so things like groceries are going up 5% a year. Bucks me that sales tax can vary by street around Phoenix.
Live in NH…property tax and car registrations are off the charts (up to $1000/year for newer vehicles). I’d much rather have a sales tax than those (we have a 9% room and meals tax btw). High property tax favors the wealthy. In NH the wealthiest towns have the lowest property tax rates. For example, my $300,000 home is taxed the same as a $1,000,000 home on the seacoast or lakes region. If you have millions to spend on a house NH, is tops on the list, but for the middle class, it is one of the most expensive places to live (New England in general). Wages are also low compared to surrounding states. Great place to live, but not a cheap place to live.
The real housewives of Wyoming! 😆😂😁
She's just mad because my husband has more buffaloes than her husband does (followed by arguing and a mini cat fight) 😂
Thanks man,have bless day and"Be nice to each other" {I like that}
You too
Wyoming cost of living high. Buying a house is unreal for most. It's been several yrs since I lived in Tenn but they have a road tax. I think it's based on wheels. Cost of living unreal.
Thank you . Pls do a list of best up coming states in the US. future places to invest or to move the next 10 years
Robert F makes an excellent point. I'm nearing retirement and even with a state income tax it will be much cheaper for me to retire in Arkansas or Oklahoma than to stay in Texas.
Based on property taxes?
@@TheRealBoyfriend probably
While car shopping, I learned location counts in the Silver State. For example, taxes were cheaper in Carson City as compared to Reno.
I moved from CA to OR. Holy shit I thought CA was high in income. I often pay more to Oregon each paycheck than to federal. The no sales tax is really the great part.