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Radical Personal Finance

633-The Case for Moving to a No-Income-Tax State

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.41.9K Ratings

🗓️ 1 April 2019

⏱️ 42 minutes

🧾️ Download transcript

Summary

One of the most effective things you can do when trying to figure out how to build wealth is to find ways to save big money. Fast. And since Americans collectively spend more on taxes than housing, food, and clothing—combined—you should start by trying to save money on taxes.

Today, I give you my case for why you should consider moving to a No-Income-Tax state.

Enjoy!

Joshua

Transcript

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0:00.0

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0:29.6

Welcome to Radical Personal Finance a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now,

0:38.0

while building a plan for financial freedom in 10 years or less.

0:41.0

Today on the show we kick off as a special April celebration a tax series. This will be a three-part series and today in part one I want to give you a case for your

0:55.0

tax state. I want to make sure that I bring this to your attention right now

0:57.0

during tax season so that you can have current data

1:01.0

to do your own analysis. Now in the United States, April is of course the

1:06.3

time that we file our federal income tax returns to the US government and of course

1:12.0

most states I don't know of any that doesn't but of course I'm not I've not reviewed every state

1:16.6

But so I think most states line up their own state income taxes as being due with the federal returns

1:23.0

April is also interestingly the day that we celebrate Tax Freedom Day in the United States.

1:28.2

Now I don't know what the date is for 2019, I haven't seen that date released, but in 2018 Tax Freedom Day was April 19.

1:36.0

Tax Freedom Day is the date at which Americans collectively have finished paying all of their

1:41.0

taxes.

1:42.0

In the United States Americans collectively spend finished paying all of their taxes.

1:42.6

In the United States, Americans collectively spend more on taxes than on food, clothing,

1:48.7

and housing combined.

...

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