If you decide to relocate to a different area state what typ

If you decide to relocate to a different area (state) what types of taxes might influence your decision? Explain why you would consider the taxes you have specified. Explain how the taxes would impact your decision.

Solution

I will consider local sales tax, income tax, tax credits & exemptions when looking for the perfect place to live.

5 states (Alaska, Delaware, Montana, New Hampshire & Oregon) don’t collect sales tax for retail sales & some services. Same way, some of the states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming ) dont collect individual income taxes.

As per one of the survey, New Jersey resident pay maximum taxes whereas Alaska residents pay least taxes. So I will be better off living in Alaska as it will result in more money in my hand for expenses/ savings out of same income.