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By 2021, These 8 States Will Have No Income Tax

Source: fool.com - Jun 5, 2018

Without beating around the bush, let me just say what's on all of our minds when it comes to taxes: They stink! No one likes preparing their taxes or handing over their hard-earned money to Uncle Sam. It is, however, a necessary thing we do as working Americans to ensure that the federal government has enough incoming revenue to support social programs like Social Security, Medicare, and Medicaid, as well as other vital expenditures, such as defense, transportation, and education, to name a few.

But depending on where you call home, your federal responsibility only tells half the story. There are 43 states that also collect tax on various forms of income as of 2018. Of these states, 41 have a tax on wage income, while another two -- New Hampshire and Tennessee -- tax dividend and interest income to some varied degree. This means that there are seven states that have no income tax whatsoever right now, and by 2021, an eighth state will be joining the ranks.

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Category: General Business