"Florida's lack of an income tax may seem like a bargain, but property tax there is high, and the government raises the bulk of its revenue through state and local sales taxes," says Hayden, "That's why it's important to consider your entire tax burden." However, the picture is generally more complicated than that. High earners in their prime working years might gravitate toward those states that don't tax earned income-namely, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. "So, if you wish to live by the beach or close to one of your kids, for example, figure out all the places you could live- then take a look at which taxes matter most based on your situation and stage of life." "Taxes shouldn't be your first consideration," Hayden says. When thinking about relocating, taxes are only one of many factors to weigh, including climate, lifestyle, proximity to family, and the availability and quality of health care. "However, the tax implications can be profound, so it's smart to take a hard look before you break out the packing tape." "Whether you're a retiree, a remote worker, or just looking for a change of scenery, the idea of pulling up stakes for purportedly greener pastures isn't that unusual these days," says Hayden Adams, CPA, CFP ®, director of tax and financial planning at the Schwab Center for Financial Research. Except, that is, for those states that forgo such taxes in a bid to lure individuals and businesses. Income, estate, property, sales-you name it, there's a tax for it. Wealth and Investment Management Solutions.Meet the experts behind Schwab's investing insights.Environmental, Social and Governance (ESG) Investing.Bond Funds, Bond ETFs, and Preferred Securities.ADRs, Foreign Ordinaries & Canadian Stocks.Environmental, Social and Governance (ESG) ETFs.Environmental, Social and Governance (ESG) Mutual Funds.Benefits and Considerations of Mutual Funds.
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