The average person will spend 90,000 hours working during their lifetime. That is a 1/3rd of their life! If you are going to spend that much time, then amount of money you get in exchange for that time should be maximized. One way that individuals maximize their money is by carefully considering where they pay income tax. This is a major factor when people decide where to live. Currently eight states charge 0 income tax: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.
Among straight income tax rates, many states offer different standard deductions, married vs single filing rates and tax brackets. As more and more of the Baby Boomer generation retire, it is important to look at the tax rates around the country and how they will affect retirement.
Take a look at the different tax rates across the country:
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