Portfolio Return as of 08/12/22:
2020: 25.65%
2021: 29.15%
YTD: 6.2%

Wednesday, July 7, 2021

No Income Tax? The Taxman Still Cometh

I live in Texas, a state proud to not have an income tax. But they make it up in property taxes. As a retired person, I'd be better off living in Oklahoma, with half the property tax and pensions not included in income taxes (which are pretty low anyway.)

Let's look at another example, and compare Arizona and Texas. Assume a taxable income of $75,000 filing joint, and a property value of $400,000. Your taxes in Arizona are approximately $2,687 for income tax and $2,400 for property tax, totaling $5,087 in total taxes. In Texas, there is no income tax, but your property tax on a $400,000 home would be approximately $6,400

So Texas brags too much, me thinks. 



No comments:

Post a Comment

Thanks for the comment. Will get back to you as soon as convenient, if necessary.

Inflation Reduction Act: Will Never Reduce Inflation

Joe Biden signed into law the horrific Inflation Acceleration Act – which, as you know, increases government taxes and spending by roughly A...