7 U.s. States With No Personal Income Tax
That death and tax are the most definite things in this world is obvious
. However in the US, there are some states which are not so eager to levy them on their residents. In fact, these states do not even have personal income tax.Alaska
Alaska does not collect income tax from its residents. A lot of the money that they get comes from the oil companies that drill in their territory. What is commonly known as the Alaska tax is levied on the oil profits that oil companies will receive from the oil that they get from state-owned land. In addition to the fact that Alaska does not charge income tax, it is the only state in the US which does not have an official state sales tax. The sales in the state are levied by the close to 90 municipalities that exist within the state.
Florida
Florida is one of the richest states in the US. Again, this state does not have personal income levies. However the state funds are collected from sales and what they call Use tax together with corporate income tax.
Nevada
The third state that does not collect personal income tax is the state of Nevada. The state usually imposes this on items that are mainly used by tourists. In addition to that, there is a lot of sin tax in the state of Nevada. These are the ones that are imposed on activities such as prostitution, gambling and so on.
Washington
Both the personal income tax and the corporate income ones are non-existent in the state of Washington. However, there is the business and utility levy in Washington. These are not based on income, but are instead based on the gross receipts of a business entity.
South Dakota
South Dakota is the other state among the seven states in the US that do not require personal income . Whether they are personal income or corporate income , income are virtually absent in the South Dakota state. The average sales tax in the state stands at 5.52%: 4% to the state of South Dakota and 1.52% to the local governments in the US.
Wyoming
The state of Wyoming also does not have income . Most of the income of the state comes from sales tax that the state governments impose on the items that are sold in the state. .
Texas
The last state in the U.S. which does not have income tax is the state of Texas. The constitution of Texas disallows that taxation of individuals' income in any way. However, most of the state's income comes from sales . Although the money doesn't come from people's paychecks, it ultimately comes from people's wallets.
Although these states do not levy this on personal income, the laws may change one day. However, this does not seem like it is likely going to happen anytime soon. Any politician who will try to increase is likely going to be hounded out of office. In addition, many of these states have provisions in their constitutions which will only allow such changes to be ratified through a referendum and not state legislation.
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