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TOP 10 States with Lowest Taxes in 2021 - Nowhere Diary - YouTube
Channel: Nowhere Diary
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from time to time millions of americans
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move from one state to another
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some consider moving to other states to
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get closer to their long-distance
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relatives
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suffice their fund of breathtaking
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sceneries be a step closer to the
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beaches and tourist spots they wanted to
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visit
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and many more but practically speaking
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most americans move from one state to
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another because of higher paying job
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opportunities
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but what comes after a higher income
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higher income tax
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so as it should states income taxes
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should influence your choice of state in
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which you want to move
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there are so many states and many rules
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and income taxes to worry about
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however it will be easier for you to
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understand and decide on the best states
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with the lowest income taxes by watching
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this entire video
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as we comprehensively break down our top
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10.
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welcome to nowhere diary in today's
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video
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we will discuss the best states with the
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lowest income rate
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which can guide you in finding an
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affordable state where you can surely
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save
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your hard-earned money but before we get
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into it please do me a favor by clicking
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the like
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and the subscribe button and turn on the
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notification bell
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so that you'll be notified anytime we
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release a new video
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[Music]
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as the tax experts often say states are
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varied for a different reason
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and no state is alike especially when it
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comes to taxes
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every state has its rates rules and
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breaks so
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paying thousands of dollars in one state
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can mean paying 100 less than in another
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what a useful financial hack isn't it
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but there is still more to it
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there are various taxes in a state such
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as property
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license state and local sales
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inheritance
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estate and excise taxes these taxes
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especially at higher rates can eat most
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of your income
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and make it hard for you to survive
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daily living but today's topic will help
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you
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make ends meet and even get a few bucks
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for your savings
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currently 41 states and the district of
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columbia collect personal income tax
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the ranking of the best states with the
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lowest income tax
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come from the data obtained by the tax
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foundation
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they estimated that the tax burden in
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each state for a hypothetical married
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couple with a combined earned income of
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150 000 and 10 000
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in dividend income here's the result
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number 10 mississippi mississippi has a
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low income tax of 3 percent for any
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income
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over a thousand dollars meanwhile it has
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a five percent
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tax for income of more than ten thousand
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dollars
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for 2018 the first thousand dollars is
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exempt from the state's three percent
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taxation
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for 2019 the first 2000 of taxable
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income is exempt
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potentially by 2022 the first five
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thousand dollars of taxable income will
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be exempt
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mississippi is also known as one of the
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best states with the cheapest taxation
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of all kinds
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this state accepts all forms of
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retirement income from taxation
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its state and local sales tax are lower
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than seven point one percent
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number nine arizona arizona has a state
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income tax range of two point fifty nine
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percent to four and a half percent
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taxation of two point fifty nine percent
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applies on income of up to
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twenty seven thousand two hundred
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seventy two dollars for single filers
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and fifty four thousand five hundred
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forty four dollars for joint filers
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meanwhile
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four and a half percent taxation of tax
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of over one hundred sixty three thousand
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six hundred thirty two dollars for
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single filers and three hundred twenty
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seven thousand two hundred sixty three
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dollars for joint filers apply
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what's more is that 4.54 taxation will
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not get higher
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as long as income does not exceed 158
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996 for single filers
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or 317 990 dollars for married couples
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filing jointly the state is also known
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for its low gas taxes and fees
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residents in arizona pay gas taxes of 19
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cents per gallon which is much less than
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the national average gas tax
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moreover arizona cares so much for its
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residents
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that they exclude prescription drugs and
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food for home consumption from state
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sales tax
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such lucky people they are the state has
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an average combined state and local
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state tax of 8.4 percent
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number eight delaware delaware is also
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one of the most tax friendly states
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it has a state income tax of two point
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two percent for income ranging from two
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thousand and one dollars
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to five thousand dollars while for
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income above sixty thousand dollars
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they collect six point six percent
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taxation for both single and joint
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filers
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it is somehow a disadvantage for a
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hypothetical middle class family to live
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in delaware
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especially if they have a sixty thousand
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dollar income do not worry
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you have nine more states to choose from
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however delaware has its advantages too
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it is the only state in the east coast
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neighbors that offers
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zero sales tax you can shop anymore in
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delaware without paying any single penny
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of sales tax
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that is what happy shopping looks like
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number seven louisiana louisiana has an
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income tax of two percent for
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individuals with twelve thousand
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five hundred dollars and below well for
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joint filers
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two percent applies if they have an
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income of twenty five thousand dollars
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moreover six percent applies for
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individuals with an income of fifty
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thousand dollars
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and one hundred thousand dollars for
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joint filers
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this state is also known for its low
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property tax
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the state has an average property tax of
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555 dollars in taxes
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per 100 000 of assessed home value
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on records louisiana's high tax rate is
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their sales tax
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one of the highest in the country mainly
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because of the groceries and
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prescription drugs
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overall louisiana is still one of the
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most tax friendly states in america
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number six
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alabama alabama has two percent taxation
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for taxable income of five hundred
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dollars for
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individuals and a thousand dollars for
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joint filers
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for income more than three thousand
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dollars income of for individuals
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they apply five percent taxation while
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for joint filers who earn more than six
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thousand dollars
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the state applies five percent taxation
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on the other hand
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alabama's property taxes are the second
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lowest in the country
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with an average of 432 dollars per 100
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000
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of assessed home value the average state
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tax and local sales tax sums up to 9.16
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number 5 new mexico new mexico has an
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income tax of one point seven percent
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for five thousand
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five hundred dollars for single and
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eight hundred dollars for joint filers
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as for their four point nine percent
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taxation applies for those single filers
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with over sixteen thousand dollars
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income
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and twenty four thousand dollars for
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married couples filing jointly
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other than income tax new mexico is
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considered tax friendly
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for it has an average property tax of
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eight hundred thirty dollars in taxes
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per one hundred thousand dollars of
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assessed home value
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experts say that property taxes in new
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mexico are so low
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that the state has capped the amount the
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taxable value of a property can increase
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in a year
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at three percent number four
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north dakota north dakota or the peace
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garden state
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is also considered one of the most tax
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friendly states
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and an expert reveals that it will be
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able to stay tax friendly in the future
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because of the state's score for fiscal
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stability it has an income tax of 1.10
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for a single income of eight thousand
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seven hundred dollars
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also one point ten percent for married
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couples filing jointly
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with income of sixty four thousand six
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hundred fifty dollars
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moreover two point nine percent taxation
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applies for any income over four hundred
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twenty four thousand
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nine hundred fifty dollars these income
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tax rates are relatively low
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especially for middle level earners this
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state also has reasonable average
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property taxes of eight hundred ninety
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four dollars per one hundred thousand
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dollars of assessed home value
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number three california you might be
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surprised why california is one of the
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best states with low income tax
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knowing that california is imposing 13.3
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percent taxation for income over one
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million dollars for singles
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and one million one hundred forty five
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thousand nine hundred sixty dollars for
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married joint filers
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that's quite huge right that is one of
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the highest income rates in america
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if you're a rich person california taxes
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will cut deep into your earnings
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but the reality is that only a small
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percentage of californians pay that rate
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and for middle class families the income
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rate of california
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is reasonable california has one percent
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taxation for income of 8
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544 dollars for individuals and 17
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08 dollars for joint that is why it is
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still considered a tax-friendly state
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also california's estimated property tax
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is only two thousand one hundred eighty
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seven dollars
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which is the sixteenth lowest amount in
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the country
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number two tennessee tennessee has
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no income tax on salaries and wages what
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the
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is is a flat 1 taxation on all income
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earned from interest and dividends
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property taxes in this state are
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reasonable too they have a median
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property tax rate of 636 dollars
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per 100 000 of assessed home value which
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is very suitable for the hypothetical
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middle class family
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the only downfall of this state is that
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their average combined state and local
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sales tax rate is the highest in the
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nation
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at 9.55 percent
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drum roll for our top number one no
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other than
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montana montana has a tax of one percent
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for three thousand dollars of taxable
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income
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as for eleven thousand one hundred to
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fourteen thousand three hundred dollars
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they only imposed five percent taxation
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and for income of fourteen thousand
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three hundred dollars to eighteen
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thousand four hundred dollars
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they imposed six percent taxation
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montana is also one of the five states
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that do not impose a general sales tax
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the good news does not end there
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apparently
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montana also has low property tax
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montana has an average property tax of
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892 dollars in taxes
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per 100 000 of assessed home value
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and that is that for our best states
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with the lowest income
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tax i hope you learned a lot from this
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video especially hacks
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and factors to consider that could help
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you achieve your financial goals
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the top 10 bench in states imposed
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income tax as low as flat 1
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and is undoubtedly perfect for
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middle-class earners however
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income tax has a significant role in the
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community we live in
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more extreme than this some states have
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zero percent personal income tax
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namely they are wyoming washington texas
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south dakota nevada florida and alaska
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if you're interested in this topic i can
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definitely make a comprehensive video
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for this one
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though income taxes like personal income
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tax are used to fund public services
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pay government obligations and provide
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goods for citizens
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the low income tax rate or zero percent
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tax rate does have advantages
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and disadvantages also it would be good
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to balance things out for the
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development of
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not just us as an individual but also
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the whole community
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what are your thoughts and impressions
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about the mentioned states
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are you interested in moving to one of
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them express your thoughts by commenting
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down below
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do not forget to click the like
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subscribe button and ring the
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notification bell
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so you get notified once i release my
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new video stay updated and thanks for
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watching nowhere diary
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