Did you know there are six other states besides Washington that don’t charge income tax? Here they are, in alphabetical order:
Alaska: The state of Alaska relies heavily on petroleum revenue to cover the state budget.
Florida: Sales tax and property taxes cover government costs in Florida.
Nevada: Gambling-related taxes and fees raise almost a billion dollars for Nevada each year.
South Dakota: This western state gets its revenue from a variety of taxes, including “sin taxes” on cigarettes and alcohol.
Texas: The state of Texas sustains itself through a state sales tax, local sales taxes and property taxes.
Washington: The Evergreen State supports itself through a variety of taxes. Our state sales tax ranges from 6.5% to 9.5% in King County.
Wyoming: This state does not have a personal state income tax or a corporate income tax.
While it may seem appealing to live in a “no income tax” state, these states still pass along their operating costs to residents through other taxes and fees. As the saying goes, there is no free lunch.
Source: Bankrate.com
