Did you know that in Florida there are no state taxes?
Florida consistently receives top marks for its responsible tax policies and business-friendly revenue code.
Florida is one of 7 states in the US that has no state income tax. The absence of a personal income tax in the Sunshine State has been a key selling point for businesses relocating to Florida.
The state’s sales tax rate is also relatively low at 6%, and there are a number of exemptions for certain items, such as food and medicine.
Additionally, Florida is one of the most tax-friendly states for retirees. The state exempts all forms of retirement income from state taxes, and there is no estate or inheritance tax. For these reasons, Florida is an attractive option for both businesses and individuals.
Unlike other states, Florida does not impose state personal income tax (guaranteed by the constitution) or inheritance tax.
This makes Florida an attractive place to live and work for many people. There are some trade-offs, of course. But for many people, the absence of state income and inheritance taxes more than offsets these other costs.
That’s why Florida is a popular destination for retirees and others looking to minimize their tax burden.