Taxes

[JSizzles]

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That time of the year when taxes come around again...I need to get out of Illinois.

Seems like TN, TX or NC would be be nice.

Do you really love the state you that you practice in? Good taxes and weather? Tell me more...

 

[Wilf]

Taxes are probably the number one reason I vote republican.

I live in TX so no state income tax is nice but the property taxes are high. I can sort of understand accepting high taxes in a nice state like CA or NY, but I would hate to live in IL and pay high taxes.

 

[WisNeuro]

Yeah, I wouldn't just look at income taxes. Make sure you're taking into account what you'd pay in property and sales taxes when thinking about this. I lived in TX for a while and was astounded to see how much people were paying in property taxes, at least in Houston.

 

[JSizzles]

Property tax In suburbs of Chicago pretty consistently around 3 percent of home value on top of the income tax. Just housing and income tax in IL put me around 25k where as TN would be more like 5k for property tax.

Beyond frustrating. I guess on the bright side being a psychiatrist in a bad state to live in is good for business.

 

[WisNeuro]

Comes down to where you're comfortable living as well. I have lots of family in TN and used to spend most of my summers and holidays down there. It could be tax free and I wouldn't move there. Not that it's terrible, just not a place I want to live for various reasons. I'm fine with a certain level of taxation if the state is doing things I like with it and I like living there. I guess it's the "liking where I live" tax. That extra money saved on taxes doesn't mean much if you hate where you're living.

 

[Sushirolls]

Alaska has no income, nor sales tax. And they pay you to live in that state for each person in your household.

Got a friend that lives in WA state, its a no income tax state, and lower property taxes compared to other friend who lives in TX.

Friend in WA state was griping about some court case that went well beyond the standard of Tarasoff nationally, and how the liability risk is now uncertain.
Killer’s psychiatrist can be sued by victim’s family, Washington Supreme Court says

TX friend gripes about ECT laws there.

 

[Stagg737]

Beyond frustrating. I guess on the bright side being a psychiatrist in a bad state to live in is good for business.

Except you're in/near Chicago, so pretty desirable area to practice. Not exactly helping you on the demand side. Could easily live in Indiana, have way better tax laws, and still be within a few hours of Chicago for weekends. Plus the state apparently just dumps money into their health system from what I understand. Would pick Indiana over Illinois 100% of the time.

 

[Nudexta]

what about Ohio?

 

[JSizzles]

Except you're in/near Chicago, so pretty desirable area to practice. Not exactly helping you on the demand side. Could easily live in Indiana, have way better tax laws, and still be within a few hours of Chicago for weekends. Plus the state apparently just dumps money into their health system from what I understand. Would pick Indiana over Illinois 100% of the time.

I find the weather equally brutal to the horrible taxes. These winters are hard on my kids. Otherwise, Indiana would be a decent option.

 

[JSizzles]

Comes down to where you're comfortable living as well. I have lots of family in TN and used to spend most of my summers and holidays down there. It could be tax free and I wouldn't move there. Not that it's terrible, just not a place I want to live for various reasons. I'm fine with a certain level of taxation if the state is doing things I like with it and I like living there. I guess it's the "liking where I live" tax. That extra money saved on taxes doesn't mean much if you hate where you're living.

Definitely agree with you in terms of "liking where you live tax". IL not really doing much right. Bankrupt and taxes are sky high. Weather sucks. Pay is good though, but not good enough to put up with everything else.

 

[PikminOC]

Property tax In suburbs of Chicago pretty consistently around 3 percent of home value on top of the income tax. Just housing and income tax in IL put me around 25k where as TN would be more like 5k for property tax.

Beyond frustrating. I guess on the bright side being a psychiatrist in a bad state to live in is good for business.

You are not a psychiatrist. You are an NP. You should probably update your status.

 

[michaelrack]

I live in Memphis TN and pay over 11 k per year in property taxes... combined Memphis and Shelby county. I need to reduce my work in Mississippi - I hate paying their income tax. I got a good side gig in West Memphis Arkansas that I pay Arkansas taxes on

 

[ridethecliche]

Comes down to where you're comfortable living as well. I have lots of family in TN and used to spend most of my summers and holidays down there. It could be tax free and I wouldn't move there. Not that it's terrible, just not a place I want to live for various reasons. I'm fine with a certain level of taxation if the state is doing things I like with it and I like living there. I guess it's the "liking where I live" tax. That extra money saved on taxes doesn't mean much if you hate where you're living.

'Liking where I live' tax sounds like Vermont haha. I was talking to someone that lived there and she said that she pays a 'view tax' because she can see the lake from her house even though she's not on the water...

 

[WisNeuro]

'Liking where I live' tax sounds like Vermont haha. I was talking to someone that lived there and she said that she pays a 'view tax' because she can see the lake from her house even though she's not on the water...

Exactly, if that's what makes you happier day in and day out, seems like a small price to pay. I've lived in two states with 0 income tax, and there's really nothing that could get me to move back to either. I love where I'm at now, and that additional percentage hit to household income is worth it to us.