We do, but it’s laughably low compared to the cost of living. It also only exempts you from personal income tax, not the other two major federal taxes that fund Medicare and Social Security. The majority of states also impose their own income tax, and the rules for how those are applied can vary wildly.
We do, but it’s laughably low compared to the cost of living. It also only exempts you from personal income tax, not the other two major federal taxes that fund Medicare and Social Security. The majority of states also impose their own income tax, and the rules for how those are applied can vary wildly.