ARBOR WEALTH: Everything’s Bigger in Texas except state income taxes

Published: Thursday, January 23, 2014 at 16:36 PM.

The Tax Foundation compiles a list of the states which pay the lowest total per capita income in state taxes.  Alaska , at 6.4 percent of income, is the lowest.  Florida is fourth at only 7.4 percent of income. 

As Elizabeth Malm, an economist at The Tax Foundation writes, a “state’s ability to ‘export its tax burden’, or collect revenues from non-residents,” is a key component in meeting state revenue requirements.  Few states perform this function better than Florida . It also appears that states with low taxation are attracting new growth and new residents, as they must, to compete with other states in the new state taxation and growth paradigm.

 

Margaret R. McDowell, ChFC, AIF, is the founder and principal of Arbor Wealth Management, LLC, a fee-only, fiduciary registered investment advisory firm located near Sandestin (www.arborwealth.net~850-608-6121). 

 

 

 



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