Spend Your Life Wisely / October 27, 2019
By: Ross Levin, CFP®
Taxes can’t be fair. There is a huge gap between a 0% tax rate where services that industry can’t deliver are otherwise covered and a 100% tax where there is no incentive to work for pay. Any numbers in between will seem fair to some and not to others. In Minnesota, we are acutely affected by taxes and we have three choices: eliminate them, limit them or appreciate them.
A music lover can listen to Austin’s bluegrass, Nashville’s country, Seattle’s grunge, or Miami’s bass — all in cities in states with no income tax. If you don’t need to earn your living here, you can eliminate state income tax by moving. We have had many clients who have done so. People often turn this departure into a moral issue, but set aside the judgment and view it through the cost/benefit lens and you may someday make a similar choice.
This article originally appeared in the Minneapolis Star Tribune on October 27, 2019.