[Synopsis]

The Tax Foundation - State and Local Tax Burdens by State, 1970-2007

[StillwaterTownie]

So why are Republicans always saying Oklahoma is a highly undesirable place for business and industry to relocate to due to taxes being too high, and so we gotta respond by reducing the state income tax? Maybe business and industry would be more offended by the sorry state of public health in Oklahoma, fearing too many sick calls and higher cost to provide health care benefits.

[Jammie]

WOO-HOOO, my state is even a good tax state. There are some states that it is just got to be a strain to live in because they're taxed to death.

[nmnita]

Originally Posted by StillwaterTownie

So why are Republicans always saying Oklahoma is a highly undesirable place for business and industry to relocate to due to taxes being too high, and so we gotta respond by reducing the state income tax? Maybe business and industry would be more offended by the sorry state of public health in Oklahoma, fearing too many sick calls and higher cost to provide health care benefits.

What republicans? I thought the breakdown as to the best places to do business usually comes from things like Forbes magazine and the like, not any political party? Plus the taxes may be low, which is great but the business taxes may be higher. Taxes are not a simple thing or something we all understand. NMnita

[Synopsis]

Taxes on businesses are different from the tax burden on the unwashed masses, from what I understand. And although Oklahoma is a pro-business climate, business taxes there are greater than what they are in places like Texas. I'm basically echoing the statement that nmnita made above.

[Ponderosa]

It all depends on personal circumstances. I own property in Tahlequah and am considering retiring there, but would have to pay substantially higher taxes than I do in AZ because OK income taxes are much higher, property and sales about the same (most OK towns have sales added on, sometimes at high rates). I would save on gas taxes and vehicle registration, but not enough to offset the higher income tax. If I were to go to Michigan, my income taxes would be zero due to exemption of pension income, but property taxes would be high as would gas. So you have to work out your own formula. No doubt OK is a lot lower than most places.

[Kurt]

Tax climate is indeed confusing when it comes to retirees. For instance, Texas has no income tax, but local sales taxes and property taxes can be higher than say, in Louisiana, that has a state income tax.

Check to see what pension or other retirement income streams are taxed or not taxed. I have a friend who is a retired NYC Policeman who would not pay anything on his NYC police pension if he stayed in NY state, but he pays living in Florida.

Some states have an income tax but exempt certain unearned income from stocks and bonds. Others are just the opposite. So, my friend, you really have to shell out a few bucks to someone who can figure out the climate in the state you intend to retire in. Best to actually visit and talk to an expert in your proposed retirement community.

Just because a state has an no income tax does not necessarily mean it is a good fit for you. Florida has no income tax but home insurance costs are sky-high because of hurricanes. Get my drift? Seek some expert advice from someone who knows your locale.