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State and local tax burden: 9.80%
Effective state tax rate ($50,000 taxable income): 5.75%
Highest tax bracket: Flat
Rate at highest tax bracket: 5.75%
Per Capita Income: $36,195
#1: New York
#2: New Jersey
#3: Connecticut
#4 California
#5: Wisconsin
State and local tax burden: 9.80%
Effective state tax rate ($50,000 taxable income): 5.75%
Highest tax bracket: Flat
Rate at highest tax bracket: 5.75%
Per Capita Income: $36,195
#1: New York
#2: New Jersey
#3: Connecticut
#4 California
#5: Wisconsin
Not a good place to be, Top half of nation in Taxes and above average in unemployment.
I'm not surprised by the states that have the highest taxes also have some of the most stringent regulations when it comes to being business friendly. I wonder how Wisconsin is in the top five states for highest taxes as I would have thought Hawaii would have been right there or even Massachusetts.
I'm not surprised by the states that have the highest taxes also have some of the most stringent regulations when it comes to being business friendly. I wonder how Wisconsin is in the top five states for highest taxes as I would have thought Hawaii would have been right there or even Massachusetts.
Massachusetts and Hawaii actually both have a lower average tax burden than NC.
Another thing to consider is property taxes (which can sometimes be more than state income tax).
When I lived in NC, my little Toyota was only about $100/year for property taxes. When I moved to Missouri, I paid around $150 the first year. The same car in Connecticut would be almost $500/year.
Minnesota, a fairly high tax state, has low taxes on vehicles. My wife's car is $300/year here in Missouri, but would cost about half that in MN.
Just another reason I'm heading to NC in retirement....getting killed with taxes in Fairfield County in CT
Quote:
Originally Posted by Francois
I think OP's point was, if you are moving because of taxes, there are 33 states better than NC.
That's a point not to be missed. People who are looking at this forum from CT, NY, NJ and other high tax states who are over-represented compared to other low cost, low tax areas of the state make it seem as if NC is cheap (in both taxes and cost of living). It may seem cheap if you're coming from the most expensive states, but in reality it's not. Especially when considering the low incomes that exist in the majority of the state, outside of a limited number of urban and suburban counties that are mainly in the Triangle and Charlotte areas.
Insurance needs to be given a side eye as well. The industry was rather abusive to homeowners this past year. We endured an incident like this Insurers Sending 'Consent to Rate' Letters to North Carolina Homeowners saw our rates go up by 25% (we have never had a claim in 25 years of residence) and are now shopping around for a different insurer
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