New York vs Wyoming Take-Home Pay Showdown
VSDetailed comparison of tax rates, cost of living, and quality of life
📌 At $75,000, the difference between New York's 8.82% and Wyoming's no income tax comes to roughly $6,615 per year. Wyoming makes up ground with no income tax, which draws considerable interest from ranchers. While finance pros tend to favor Wyoming for the tax break, the decision hinges on how much weight you put on cost of living.
New York charges 8.82% while Wyoming sits at no income tax. For $75,000 earners, that difference translates to approximately $6,615 per year. It's a meaningful gap, though hardly the only consideration in a state-to-state comparison.
🔑 Key Differences
- **State income tax**: New York at 8.82% vs Wyoming at no income tax
- **Annual savings** (on $75,000): Wyoming saves you ~$6,615
- **Tax system**: Both use progressive brackets
- **Deductions**: Standard federal deductions apply, state variations exist
- **Local taxes**: Check your specific county/city as rates vary within states
Tax Comparison
| Tax Type | New York | Wyoming |
|---|---|---|
| State Income Tax | 4% - 8.82% | No Income Tax Winner |
| 💰 On $40,000 Salary |
State Tax: $2,564
Take Home: $37,436
|
State Tax: $0
Take Home: $40,000
+$2,564
|
| 💰 On $60,000 Salary |
State Tax: $3,846
Take Home: $56,154
|
State Tax: $0
Take Home: $60,000
+$3,846
|
| 💰 On $100,000 Salary |
State Tax: $6,410
Take Home: $93,590
|
State Tax: $0
Take Home: $100,000
+$6,410
|
| Cost of Living | New York City ranks among the world's most expensive cities. Manhattan rent for one-bedroom apartments often exceeds $3,000 monthly, with outer boroughs requiring $2,000-2,500. Home purchases in desirable areas frequently surpass $1 million. Property taxes substantial. Sales tax reaches 8.875% in NYC. Dining, services, and general expenses all elevated. Upstate New York offers dramatically better value - Buffalo, Rochester, and Syracuse maintain housing costs 60-70% below NYC levels. | Wyoming offers exceptional affordability throughout most areas. Jackson commands premium prices driven by wealthy residents and tourism. Cheyenne, Casper, and other cities maintain housing costs dramatically below national averages - quality homes often sell for $200,000-350,000. Property taxes stay low. Sales tax reaches 5-6%. The extreme affordability combined with no income tax means moderate salaries provide comfortable lifestyles for those accepting harsh winters and remote locations. |
Pros & Cons
New York
✓ Advantages
- Unmatched career opportunities in finance, media, and technology
- World-class public transportation in NYC reduces car costs
- Cultural amenities and entertainment unavailable elsewhere
- Strong worker protections and employment rights
- Healthcare and education systems among nation's best
⚠ Considerations
- Combined state and city income taxes can reach 14% or higher
- Extremely high housing costs especially in NYC
- Property taxes among highest in America
- Sales tax reaches 8.875% in New York City
- High costs extend beyond rent to groceries and services
Wyoming
✓ Advantages
- No state income tax
- No state estate or inheritance tax
- Low cost of living in most areas
- Beautiful natural scenery and outdoor recreation
- Strong energy and natural resources sector
⚠ Considerations
- Very cold winters with harsh weather
- Limited job market outside energy sector
- Small population and remote locations
- Limited healthcare and education options in some areas
- Economic volatility tied to energy prices
Bottom Line
Tax-wise, Wyoming wins with about $6,615 annual savings at $75,000. New York maintains pull through no income tax, which resonates particularly with ranchers. Recent trends show finance pros moving to Wyoming, though New York continues drawing people who prioritize {factor}.📢 Share This Comparison
Help others make informed decisions about their paycheck