Finance expert Mike Periu on how the state you live in can have a profound impact on the taxes you pay.
These are the Best and Worst States to Make a Fortune
We now know that two PowerBall tickets had the winning number combination for the nearly $580 million jackpot last night. The winners will have to make some very important decisions related to financial planning, tax strategies and estate planning. How much of the jackpot they get to keep will depend in large part on which state they reside in at the time of winning. Business owners who sell their businesses for a huge payday have to work harder for their fortunes than lottery winners, but they face many of the same issues. Alaska, Florida, Nevada, South Dakota, Texas and Wyoming have no state income tax. Tennessee and New Hampshire only tax interest and dividend income. While some states may not tax your income, state and local sales taxes can be quite high when it comes time to spend your fortune.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
