Pack Your Bags And Save Thousands On Taxes


MoneyTips

“Honey, our taxes are just too high. We’re moving to Alaska,” said no one, ever.

Nevertheless, a new study from the moving assistance website HireAHelper.com found that your state tax burden could change drastically with an interstate move. According to the study, if you move from the District of Columbia to Tennessee, your collective state and local tax burden could drop by $7,760 per year – the highest differential in the study.

What happened to Alaska? Alaska is one of nine states that don’t tax earned income, along with Tennessee, Florida, Texas, Nevada, Wyoming, New Hampshire, South Dakota, and Washington. However, income taxes are only part of the state and local tax burden. Sales taxes and property taxes must be included.

Consider New Hampshire. The state levies no state income taxes or sales taxes, but the per capita property tax of $3,115 is one of the highest in the U.S., behind only New Jersey ($3,127) and the District of Columbia ($3,535). T…



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