Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Is This State the Next Destination for America’s Liberty Retirees?

March 24, 2021 By E.J. Smith - Your Survival Guy

West Virginia, Beauty Mountain. By anthony heflin @ Shutterstock.com

You want to build yourself an ‘island‘ in retirement. You want to separate you, and your money, from those who would take it from you. Settling down in one of America’s growth corridors is a good first step toward finding the right place in America. But if you want to get a head start on your retirement, and move while you’re still working, you probably want to find a state with low, or no income taxes.

There are seven states with no personal income taxes, including:

  • Alaska
  • Florida
  • Nevada
  • South Dakota
  • Texas
  • Washington
  • Wyoming

New Hampshire doesn’t have personal income taxes on wages or salaries but does tax dividends and interest income.

Another state may soon set out on a path to join these by cutting its own personal income taxes. Cal Thomas reports in the Chicago Tribune:

West Virginia is unique among America’s 50 states. At a convention in Wheeling, Virginia, in 1861, delegates from Virginia’s northwest counties, which were loyal to the Union, voted to break away from that state over the issue of slavery and their refusal to be part of the Confederate states.

West Virginia is again attempting to “break away,” this time on the issue of taxes. While the Biden administration wants to raise federal income taxes to cover overspending, the governor of West Virginia, Jim Justice, wants to reduce and eventually eliminate his state’s personal income tax. If successful, West Virginia would join nine other states that do not impose state income taxes on their citizens.

Though his state has experienced a population decline for 70 years, Gov. Justice believes now is the right time to reverse the trend by cutting the state’s income tax by 60% in the first year, leading to its eventual elimination.

In an interview, I asked the governor for his rationale behind erasing his state’s major revenue source. He said it is because the state’s economy is booming and it now has a “$100 million surplus,” in spite of the pandemic. That’s because, he says, businesses, including restaurants, “are 100% open” and people are flocking to the state to spend time and money.

He estimates that if his tax cut proposal passes the majority Republican legislature it will “put $2,200 more in people’s pockets. Every single person in the state will end up cash positive.”

Cutting or eliminating West Virginia’s income tax could be a powerful draw for the state. Currently, every state bordering West Virginia has a lower top marginal tax rate.

Liberty retirees and small business owners looking for a better place in America could be pleasantly surprised with West Virginia.

Second Amendment supporters may also find a good home in the Mountain State. The state’s constitution clearly identifies citizens’ rights regarding firearms in Article 3, Section 22, stating “A person has the right to keep and bear arms for the defense of self, family, home, and state, and for lawful hunting and recreational use.”

According to the NRA, West Virginia demands no permit to buy long guns or pistols, no registration of any firearm, no licensing, and no permit to carry. The state also boasts an enacted Castle Doctrine law, a no-net loss provision, a right to carry confidentiality law, and many other protections for firearms owners.

Action Line: If you live in the Mid-Atlantic states or the Rust Belt, do what many Americans are doing and take a trip to West Virginia. Remember, you want to live where your money is respected.

Originally posted on Your Survival Guy.

Related Posts

  • Is There One Best Place in America for 'Liberty Retirees?'
  • America's Best State for Business
  • America's Defenders of the Constitution
  • Can You Guess the Least Free State in America?
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • Are You Fairly Wealthy? I’m Listening - March 21, 2023
  • Your Survival Guy’s BEST Insider’s Guide to Key West - March 20, 2023
  • For Whom Is Your Portfolio Serving? - March 17, 2023

Dick Young’s Must Reads

  • America’s Number One Patriot: Naples Florida’s Alfie Oakes
  • DEATH SPIRAL: Crime Soars in Democrats’ #DEFUNDTHEPOLICE Cities
  • BEYOND RUSSIA: America Strengthens India Ties to Counter China
  • Tucker Carlson Interviews My Favorite Florida Farmer
  • Why Black Lives Matter Needs to Be Shut Down
  • The Common Ground of Democracy is Sinking Beneath Americans’ Feet
  • WAR HAS BEGUN: What Advice Are You Giving Your Loved Ones?
  • The Butterfly Effect and Chaotic Markets
  • Who’d be Nuts Enough to Have Put Money into SVB?
  • We’ll Burn the Place Down!

Our Most Popular Posts

  • Pushing Back at ESG
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • Cheap Reliable Heating – a Life Saver
  • Are You Fairly Wealthy? I’m Listening
  • Biden Has Lost Control of the Northern Border Too
  • Who'd be Nuts Enough to Have Put Money into SVB?
  • Get Well Soon Taki
  • For Whom Is Your Portfolio Serving?
  • SPIES ON CAMPUS: The Chinese Have Invaded the Quad
  • Washington Is the Systemic Risk

Disclosure

RSS Youngresearch.com

  • Are You Fairly Wealthy? I’m Listening
  • Treasury Studying How to Increase Deposit Insurance
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • For Whom Is Your Portfolio Serving?
  • Who’s to Blame for Banking Vulnerability?
  • Mortgage Market Not Expected to Settle Down Soon
  • Are You Living Your Best Life?
  • Were Silicon Valley Bank’s Motivations for Taking Losses Pure?
  • Will the Black Swan Usher in Digital Dollars?
  • Major Rail Merger Gets Approval

RSS Yoursurvivalguy.com

  • Are You Fairly Wealthy? I’m Listening
  • How Long Is Your Water Supply Chain?
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • Be Wary of Those Who Wrap Themselves in Capes
  • For Whom Is Your Portfolio Serving?
  • ESG: Are Markets Ready for “A Needed Dose of Reality?”
  • Was Silicon Valley Bank a Victim of ESG?
  • Are You Living Your Best Life?
  • March RAGE Gauge: Will the Black Swan Usher in Digital Dollars?
  • Gretchen Whitmer Reviving Forced Unionization in Michigan

Who’d be Nuts Enough to Have Put Money into SVB?

Are You Fairly Wealthy? I’m Listening

Get Well Soon Taki

A Cashless Society Is A Debacle for Americans

How about Hiring Erik Prince to Crush the Drug Cartels?

Key West’s Best Burger

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives