If you add up all the taxes you pay now, Fed. Income tax, FICA, Social Security, State tax, City tax, Local tax, Property tax, Sales tax, Gas tax, etc., already most of your income goes toward paying taxes.
What percentage will be too much. Will you work when every penny you earn goes to pay your taxes or will you just say to hell with it all?
I recently moved from Michigan to Tennessee, and am continuing to work remotely for the same company. I understand that under normal circumstances, the two states would do some sort of weird mathematical equation behind the scenes to figure who gets how much tax on my income. How does this work in Tennessee, which has no state income tax on wages? Have I chosen poorly by moving to a state where sales tax is higher to help compensate for the lack of income tax, or will I get some sort of credit next year?
