At the moment I live in Connecticut, known as the "tax you to death" state. Can anyone post a figure % of exactly how much you would save not having state income sucked out of yer check? Such as if you make say $1,300 a week, how much more would that be in your pocket???
Any input would be appreciated.
Just how much do you save in Texas without state income tax??
Discussion in 'Oilfield Trucking Forum' started by BigRigCT, Dec 10, 2013.
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The State and Local tax burden per person in 2010 for Connecticut was $6984. In Texas it was $3104 per person.
http://taxfoundation.org/sites/taxfoundation.org/files/docs/ff2013.pdf
$65,000 cost of living in Hartford, CT would only cost you $48,647 in Fort Worth TX.
http://money.cnn.com/calculator/pf/cost-of-living/BigRigCT and rockyroad74 Thank this. -
If you own property in Texas you will get a pretty stiff hit
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All states have to have operating income sources. If it does not come from income tax, it comes from sales tax or property tax. Nobody gets anything for free.longbedGTs, GYPSY65 and BigRigCT Thank this. -
Just would be nice to be able to figure out a solid figure per weekly pay check to know about how much one would be making. -
BigRigCT Thanks this.
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Here is a brief tutorial on how to do it.
https://web.kennesaw.edu/payroll/content/how-do-i-calculate-federal-income-tax-withholding -
The Ct state tax rate for that income is 5.5%. so at $1300 per week, you'll pay $71.50 less per week at a minimum, or $3718 per year. But there are other savings. For example, the avg. price of gas right now is 50 cents per gallon less. if you have a pickup like I do, that will save you $12 per fill up.
Then, consider the advantage of living in Texas compared to Ct. Can't put a value on that. I moved to Florida from Pa three years ago, and I never looked back. Night and day difference between the way the states are run. You have to experience it to understand.
By the way, I don't know how Texas makes their money, but in Florida it's made up with fees on motel rooms and attraction fees, etc.BigRigCT Thanks this. -
I came (most recently) from CA. The state funds equestrian trails, free health care for illegals, free breakfasts, lunchs and after school care for illegals, has amonst the highest retirement rate for state workers (in some cases a worker can retire after 20 years with 102% of their last three years average pay). Funding for colleges is very high in comparison to other states.
So the taxes there are considerably more overall than TX.
Gas tax is much higher (I paid 2.99/gal yesterday, my son in San Diego told me he just paid 3.65 and that was pretty average) But they spend the highway fund on retrofitting Mexican trucks, art work in front of state buildings and bicycle racks at bus stops (just to mention a few)
The sales tax is higher than TX, the income tax can excede 11% depending on your income and property taxes on homes is as high or higher than TX, largely due to the value of property. (the rate is lower).
So look how a state spends it's money and you can save a lot depending on your circumstances.Big Duker, rockyroad74 and blairandgretchen Thank this. -
Then when you register your car......
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