2024 State Tax Rankings... Time for You to Move?

[natyms]

Are you only interested in Europe or elsewhere as well?

As for Europe, my ideas:

• Switzerland - fits all of the boxes and would be my number one choice, particularly for you as a German speaker. Weather could be much warmer obviously but it's still among the warmest and sunniest places in Switzerland.
• Madeira - technically Portugal but in some aspects independent. Doesn't fit all the boxes but has nice weather (could be less rainy), has LOTS of water (that's the benefit of so much rain), and is child-friendly.
• Slovenia - not sure about the government and stuff but has okay weather (particularly Koper), is very forested (so no issues with water), and safe.

Thank you so much.
Of course I also consider anything outside of Europe.
Switzerland I have been given a lot of thought.It checks most boxes, but it is also incredibly expensive. Taxes might be lower, but what you save in taxes, you spend in everything else.
Madeira and Slovenia I have never considered, I will definitly research that option.

 

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[sojeer]

Portugal has NHR program (non-habitual tax regime) where you can pay 10% from your foreign income (was 0% not long time ago) for next ten years, when you are resident there (as far as I remember). That applies to the whole continental area as well as Madeira. Maybe it’s worth to check that out

 

[becks22]

If you are considering moving in 1-3 years, start collecting some data on the state you plan to move to. I have a pretty good idea on where I am going but the last thing I want is to move and have taxes increase before I actually move. I mean anything will be better than NY but still! I just signed up for some email newsletters from a few local chambers in the region I plan to move to. Worth it to just keep checking on things before making a commitment.

 

[justinbiz]

Amazing, even with a multi-billion dollar surplus, CALIFORNIA wants to double taxes.

And guess who will fill the largest portion of the bill? Entrepreneurs and business owners with a gross receipts tax.

Wonder when fair-minded entrepreneurs will wake up and refuse to be treated like livestock.

California Considers Doubling its Taxes

Practically doubling state taxes—even if the burden is partially offset through state-provided health coverage—could send taxpayers racing for the exits.

taxfoundation.org

View attachment 41568

But notice what the CA government is going to do with the extra taxes - single-payer health care. If I have to pay the extra $12k in taxes I will be $5k a year ahead because of not paying health insurance premiums for my family. Sure, not true for everyone, but for me it sounds like a good deal.

 

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[watchopt]

I've heard that Montana is one of the best states in terms of entrepreneurship.


They would likely also have a ton of camping and government land. Check out Glacier National Park, for instance. If you were near a city, you'd have a library. Weather would be cold. But the cost of living would be way cheaper. I found a 2 bed, 1 bath house for $70,000 on a random Zillow search just now in the first page of results. Where I live, an equivalent house would be $300,000+.

As a bonus, they're the 5th best state in the country for taxes, according to MJ's original post above.

By the way - you should totally build a ranking system of the best places for developing a fastlaner mindest without the fastlaner wealth. That's brilliant!

Brillant is a strong word. Thank you for providing the source but I a wonder, 'where is the raw data' on this? Is there a comparison as well? On the other hand: It might be a good laugh for the fastlane forum if I ended up traveling/freezing in Montana camping next to a library based on some article that falls in line with the authentic equivalent to the CDC postings. Thankfully my girlfriend is the sanity check in my endeavors. lol

 

[Bouncing Soul]

Moving from a high to a low tax state was enough of a take home change to pay for the mortgage (and prop tax!).

I don’t understand how in 2022 states don’t realize they are increasingly going to have to compete for businesses and workers.

 

[MJ DeMarco]

Top cities in America to start a business...

Best Large Cities to Start a Business

Best Large Cities to Start a Business

wallethub.com

As expected, the top states are dominated by Florida and Texas cities, with sprinkles from CO and NC. AZ cities are near the bottom, and Utah had none.

 

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[fastlane_dad]

Top cities in America to start a business...

Best Large Cities to Start a Business

Best Large Cities to Start a Business

wallethub.com

As expected, the top states are dominated by Florida and Texas cities, with sprinkles from CO and NC. AZ cities are near the bottom, and Utah had none.

I've never put too much weigh on any of these articles. They pick a certain arbitrary set of variables and then someone manage to rank cities based on that. I've seen same publications flip all the cities on their head, in a follow up publication a year down the road. I see this phenomena happen in the countless 'best cities to live' index year after year.

For business location -- I think it all depends on what you are doing, and what makes the most sense, and cannot be 'lumped' as a general 'starting a business' title. The access to resources, space, talent, pay you need to offer etc will vary widely depending on what the needs are.

 

[biophase]

Top cities in America to start a business...

Best Large Cities to Start a Business

Best Large Cities to Start a Business

wallethub.com

As expected, the top states are dominated by Florida and Texas cities, with sprinkles from CO and NC. AZ cities are near the bottom, and Utah had none.

Lol what a crock of shit.

Percentage of residents fully vaxinated was given double the weight compared to corporate taxes! WTF?

 

[Onakosa]

Thanks. I actually had the opportunity once to be there, but I didn't like it. It didn't feel right. It's also too little, with horrible weather and I'm not sure about the schools either... Or maybe it was just too "English". I like England for a visit, but I would never live there.
I have the same issue with Andorra. I see @ohmamecr wrote about it further up.
Andorra is great for tax purposes, but it doesn't even have an airport, it so little, you always see the same people and the weather it's not exactly the best.

I don't know. This is something that is giving me anxiety.
I also have to say that, although paying taxes in Spain makes me furious, because it's only used for stupid purposes (i.e. the too many bureaucrats drinking gin tonics), in Germany at least I have the feeling I receive something for them. Every single time I have not been able to work, I have been taken care of. Maternity leave is great. It's stilll a lot of taxes, but at least you know you won't end up not being able to pay a hospital bill or end up in the streets if you lose your money.

What's wrong with living in England out of interest? (Don't worry - you can't offend me!)

 

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[Odysseus M Jones]

What's wrong with living in England out of interest? (Don't worry - you can't offend me!)

Doing business - shit
Being an employee - shit
Weather - shit
Standard of living - shit
Size of houses - shit
Size of windows in said houses - shit

I could go on.

Let's put it this way, the best part of being in the EU meant we didn't have to live in the UK.

Sadly that ship has sailed.

 

[MTF]

Lol what a crock of shit.

Percentage of residents fully vaxinated was given double the weight compared to corporate taxes! WTF?

LOL are they serious? I'm glad that the website gave me a random IP Block (I assume because it's too hard for them to add a cookie notice for EU visitors).

 

[Onakosa]

Doing business - shit
Being an employee - shit
Weather - shit
Standard of living - shit
Size of houses - shit
Size of windows in said houses - shit

I could go on.

Let's put it this way, the best part of being in the EU meant we didn't have to live in the UK.

Sadly that ship has sailed.

I like our weather!

 

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[MJ DeMarco]

Lol what a crock of shit.

Percentage of residents fully vaxinated was given double the weight compared to corporate taxes! WTF?

Wow, what a joke.

 

[Odysseus M Jones]

I like our weather!

It's not too bad actually.
And fresh food is very good quality and relatively cheap.
And the people are good.
When they're not moaning about the economy.

 

[MJ DeMarco]

Updated...

 

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[zbones]

It's fascinating that the tax difference is so big depending on where you live within the same country!

The US is dizzying. Texas is a great example how even within a state/city taxes can vary widely. Had family buy a house in texas and decided to live one county over from where they wanted because they would save >$10k in property tax. Like literally less than a mile difference and they were saving that much.

Only thing I'd add to this conversation is that where you live should be driven by your intention. I'm half way through Unscripted and what I'm getting is you make the life you want. So if you want to live by family and be able to drop by everyday, then guess what you're paying that tax. Is that bad, yeah it sucks but classic economics you value living close to family/or whatever it is more than what you're paying so you don't move. Think about the decisions you make in your life and you can actually quantify how much those decisions are costing you. I'm living in a high tax country right now and it sucks how much I pay, in fact it hurts to do the calculation, but guess what. The other factors at play are worth way more than saving on taxes. Can that change, absolutely it will. But the point is I'm awake to how I'm living my life in that aspect.