Seven States With No Income Taxes

How much is your state income tax?

The IRS isn't the only one who wants a piece of your paycheck - 41 states have a broad-based individual income tax, but it is interesting that there are a few states who have none.

That doesn't mean, however, that you will pay less tax overall by living in one of these states.

States need revenue to function, and these states will have to make up for the lack of income tax somehow. New Hampshire and Texas, for example, make up for it in property taxes. Both states have some of the highest property taxes in the nation. The cost of higher property taxes, sales taxes, fuel taxes, and other taxes could amount to higher overall taxes in some of these states. Only seven states lack an income tax altogether. They are:

• Alaska
• Florida
• Nevada
• South Dakota
• Texas
• Washington
• Wyoming

 READ MORE >> taxes.about.com: States Without an Income Tax

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