How do the states that charge no state tax make up the income?
Wednesday, May 19th, 2010 at
11:49 am
These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Seems like I should move to one ot these states, right? Unless there is a catch, like high sales tax on everything you buy? I don’t know, is there something I’m missing?
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Alaska: Oil revenues
Florida: Tourism and high property taxes
Nevada: Gambling
South Dakota: Minimal services & high property taxes
Texas: Insanely high property taxes and high sales taxes.
Washington: High sales and property taxes
Wyoming: Minimal services and high property taxes
One way or another you get what you pay for. And you pay for it one way or another.
Florida-our sales tax isn’t high. Its 7.0% in seminole county. we get our tax revenue from tourists (i.e. hotels, attractions, etc.)
They get it through other taxes. Usually it is sales tax. However, there are myriad taxes, gasoline, vehicle sticker, luxury, sin (liquor & tobacco), and Real Estate just to name a few. They all get their money somehow.
They make it up in other ways : Sales taxes, Property taxes for eg.