Best 0 State Income Tax City To Be Wealthy?
Miami, Dallas, Austin, Seattle, Houston, Vegas, Jackson, Reno?
Anything I'm missing? What do you guys think and why?
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Portsmouth NH buuuuud.
SPS guy?
I mean there are no jobs there. Question was posed as "to be wealthy". Wealthy people don't work for other people.
Tampa?
TB12
Miami or Austin of the ones listed IMO.
outside US
I don't get the appeal of Austin. There are roughly two blocks in downtown that are interesting and trendy, and then you're either in an area overrun by students or a slum.
The "lake" or "river" or whatever it is near the city center is mostly brown / green sludge filled with bat guano -- I couldn't believe people were actually paddle boarding in that.
Texas "hill country" is mostly dirt and some dry shrubs, and the climate is hot and humid with lots of bugs.
To top it all off, Austin has a lot of the same problems as California (homelessness, traffic, poor city governance, crowds), so I don't see why so many Californians and other blue state refugees think it's a great idea to move there.
What am I missing?
You’re missing nothing. OP asked about 0 income tax places, and while I think Austin and Nashville are cool, theyre nowhere near my top 3 if we’re just talking US cities regardless of taxation
I’m sure there are cool places in Alaska or Nevada I’m not considering, I’m just not familiar with those at all
If your office is based in NY and you’re going remote, you’ll still need to pay NY state taxes
Not true, depends if working remotely out of necessity or convenience
If you're office is in CA and you go remote, you need to be out of state for 18 months, prove no ties other than trasnitory in state and audits go back for eternity. IRS audits go up to past 6 years, CA state tax board holds all files forever.
^^ context is CA rev is primarily tax driven... they aren't gonig ot let you slip out easy
Umm, wouldn't California be butting heads with other states over this? Why would, say, the state of Florida allow one of its legitimate residents be continued to be taxed by California? How on Earth is that even Constitutional?
I believe consultants have to pay taxes wherever they are doing their jobs. So if you had multiple projects in several states, you could be paying taxes to several states.
Question, what if I am getting hired to work with a company that is WFH and I'm coming from the EU, does that mean I can live anywhere and pay taxes where i live right away?
For any of those to work though, you'd need to be location independent.
How miserable are you in LA ?
It's true most of LA is a more or less a favela at this point, but there are still nice spots and I happen to live in one so I'm actually doing ok.
I know many people from the SF Bay Area that have moved to incline and saved an arm and a leg. I actually spent two weeks during the early WFH days up there. Living in Tahoe isn't bad, at all
People from NV and WA both love to tell you how much money they save on income tax. Could just be since they knew I was from CA though
Reno? Other than it's proximity to Tahoe, I'm not aware of anything Reno has going for it.
Sorry, yes I really meant the proximity to Tahoe. Incline village is just so small. I am surprised more businesses have not relocated there that are less professional. I think the big one was zappos.
Seems like Elon set up his gigafactory there, then a few bay area tech companies set up satellite offices for their employees that were fed up with the bay area, and other companies took notice. Tons of companies have set up regional offices there in the last few years.
Pretty sure it's one of the fastest growing cities in the country. I usually fly into there when I go to Tahoe and there housing development is bonkers
move to Puerto Rico and pay ZERO federal and state taxes...live there during your high income earning years....and then move back to the states and enjoy your tax free savings
This is so impractical if you have a family tho. JP has a big compound by the ritz. Saw him down there with a ton of people celebrating his daughters birthday
I think you may be better off relaxing your zero income tax requirement and just going with a fiscally responsible state with a somewhat sane government. Opens up a lot more options.
I've got my eye on Northern Idaho (Coeur d'Alene / Hayden area) personally. Beautiful natural surroundings and it's a state with reasonable fiscal policy (tax rate of 6.9% isn't amazing but it's not the worst either, and the budget looks solid so the rate shouldn't go up). More importantly, Idaho has no major metros so it should stay red and it isn't as likely to attract blue coastal transplants as some place like Austin, Denver, or Florida.
The one drawback is the winters are a bit dark and cold up there (not as bad as the PNW coasts though), so it could make sense to split time with a Sunbelt spot. I'm thinking someplace like Scottsdale, Arizona (or surrounding suburbs) could work. Arizona's top tax rate is 4.5% which isn't bad at all.
Blue coastal transplants are becoming such a cancer on this country. I fundamentally cannot understand why these people want to replicate disastrous policies on a local/state level
I think it's because they don't see their policies as disastrous. Most of my blue friends out here in LA believe the uptick in homelessness, crime, and poverty has been solely caused by broad "structural" problems like income inequality and a lack of affordable housing, not bad government policy.
Again, that's why I think the best bet is to just avoid the major metros longer term. Fortunately that is a lot more realistic of a proposition than it was pre-COVID.
Careful not too focus too much on the state tax and not as much attention on potential income generation...while DC or LA are not low COL some of the best jobs are found in those areas
And likewise don't move somewhere for a tax benefit...if you're moving away from friends & family you're quality of life may not be as good in the new place either way
Miami won’t last long. Once AOC wins the presidency in 2024 and makes illegals U.S citizens, Miami will become hyper liberal, no better than NYC
I'd say Dallas. The wife and I have considered moving there in 3-4 years once we get tired of living in the southeast.
Why Dallas?
Low cost of living and a big city
Dallas. Trust me.
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