The relative value of $100 – Broken down by individual States
Since I live in Vancouver Canada, which is considered one of the most expensive places in the world to live, I always find this information interesting.
When you factor in the State Income Taxes, it seems that South Dakota is the best place to live.
Think I’ll sacrifice the that 10% S. Dakota has to give and stay in Florida this winter. I prefer the wide open spaces of the ocean to blizzard blown winter wheat; just saying….
My first though when I read this story: Will this data be used to adjust SSI, Medicare, and minimum wage?
Nothing appealing in the orange states………….Were is the beach…….Gulfport, Miss, stinks……………
North Carolina is nice ($109.17 on the map), but that’s only because of the “bell curve” climate and the ability to still go out to Farmer’s Markets and buy groceries cheaper than the mega-stores. If you factor in the gasoline tax (highest in the South), property tax (going up every year with education costs), and our depreciating infrastructure (roads, power companies), then I don’t see that $109.17 holding for long, even with the State Legislative trying to change the state from an income tax to a consumption/property tax base.
One CRUCIAL factor is not included in this $100 comparison by state — personal income tax. BLS and the Tax Foundation have no way to calculate that in the formula, because the tax differs dramatically depending on what level of income you have.
For instance, while 7 states have zero income tax, uber-progressive (well progressive EXCEPT about Uber) California has a personal income tax that’s, well, uber progressive — varying from NEGATIVE (cash credits) to 13.3% — by FAR the highest in the nation — impossible to calculate in the formula.
Also ignored as impossible to calculate are fees, fines, and other state and local “non-purchase” levies by government. Fee-crazy California again “excels” in this area.
Hence the hypothetical $100 is AFTER-tax dollars. Other taxes included in a purchase (sales, excise, etc) ARE included in the comparison, but income tax is not. The REAL total difference between the states is often significantly higher as a result, but not included in this study.
This is so great! I always wondered what the breakdown came out to. Although I’m surprised that PA and TX are so close together, when TX has no state income tax and PA does (my parents live in PA right now and it’s definitely more expensive there!).