Europeans with large incomes are well-known for moving to tax havens like Monaco. Less well-known is the same option in the U.S., moving to a state which takes less of your income in total taxes collected.
USA Today has an article which ranks the 50 states by the percentage of one’s total income the state takes in taxes. It looks at state income taxes, property taxes, and sales taxes and also has the state’s per-capita income.
For example, my state of residence - Wyoming - ranks number two, taking 7.1% of income in taxes. Only Alaska is lower at 6.5%.
My birth state of California ranks number 47, taking 11.0% of income in taxes. Only Connecticut, New Jersey and New York are worse. New York - taking 12.7% - ranks dead last.
Check out where your state ranks, where you might pay less in state and local taxes, how much you could save. It is an eye-opener.
