The benefit of moving to one of the no income tax states is pretty apparent. You do not need to pay income taxes on your income, which means you can keep more of your money and use the savings to invest the money.
The perception is that the less income tax you pay, the more you can save. That is true in that assumption. At this point, you need to look into what states will do to generate income.
Does Living in a No Income Tax State Save You Money?
Are States with No Income Tax Outperforming the Other State?
You need to ask if having no income taxes helps the state to do better than other states. Looking at the research, four of the top ten states with the most substantial economic projections are those states that do not have an income tax.
Living in a no income tax state is all about your finances. There are a couple of factors that can affect your decisions. It would help if you thought it was worth it, so you save money on your income.
Would You Benefit From Living in a No Income Tax State?
In the end, with less money taken out for taxes, you can then use that money to invest more. You can try out new investments through stock investment apps, real estate, or other investments with plenty more additional cash.
If you decide to move to one of these states, know how other taxes are levied. You may save on the income tax, but you may be spending far more on others.