If Donald Trump is elected in November, does that create an opportunity to better your financial position? Possibly. Trump’s conservative economic stance may benefit taxpayers, real estate owners and businesses.
The Republican candidate also favors military spending, which could create civilian job opportunities. Relocating to a state that aligns with Trump’s policies may maximize the benefits and help you achieve your wealth goals.
Check Out: I’m an Economist — Here’s My Prediction for Social Security If Trump Wins the 2024 Election
Learn More: 9 Things You Must Do To Grow Your Wealth in 2024
Below is an overview of five states offering low taxes, business-friendly climates, active real estate markets and Department of Defense locations that hire civilian workers.
Also see cities where one expert would not buy a home if Trump is elected.
South Dakota
South Dakota levies no taxes on corporate earnings, personal income, capital gains, dividends or interest. Retired residents do not pay state taxes on Social Security or retirement distributions either. The state also has no estate or inheritance tax.
For entrepreneurs, South Dakota offers various small business grant and funding programs, a growing workforce and a low cost of living. The state ranks fifth in affordability, according to U.S. News & World Report.
These factors contribute to South Dakota’s five-year business survival rate of 56%, which is the seventh best in the country, according to the Bureau of Labor Statistics.
South Dakota has a smaller DoD presence relative to other states on this list, but there are defense jobs available in Rapid City and Sioux Falls.
Find Out: Trump Wants To Eliminate Income Taxes — How Would That Impact You If You Are Retired?
Explore More: What a Trump Presidency Could Mean for Social Security in 2025
Texas
Like South Dakota, Texas levies no tax on wages, corporate income, retirement pensions, Social Security, retirement distributions or bequeathed assets.
The state’s tax structure, business-friendly regulatory environment and strong workforce have wooed several large corporations to relocate there, including Tesla and Hewlett Packard Enterprise.
Small businesses and startups enjoy the same benefits, plus potential access to loan guarantees and capital through the Texas Small Business Credit Initiative. The five-year survival rate for new businesses in Texas is 52.7%. That is lower than South Dakota’s survival rate but covers a much higher activity level.
Texas is home to two active real estate markets, Austin and Houston. The two cities also feature DoD locations that employ civilians, as do San Antonio and Dallas-Fort Worth.
Read More: I’m an Economist — Here’s My Prediction for the Housing Market If Trump Wins the Election
Florida
Florida is another state with no income tax on wage income, capital gains, dividends, interest, Social Security, retirement distributions or retirement pensions. There is also no state-imposed inheritance or estate tax.
The state does levy a 5.5% base rate tax on corporate income. Businesses can offset the tax burden by qualifying for refunds or credits designed to support job growth. Examples include the Brownfield Redevelopment Bonus and Rural and Urban Job Tax Credits. Florida additionally offers various small business financing programs through its Office of Small Business Innovation.
Florida is a popular location for business startups, with some 88,000 companies launching in the 12 months ending March 2023. The five-year business survival rate is just over 50%.
Florida’s strongest real estate market is the Sarasota-Bradenton metro, which is just south of Tampa’s MacDill Air Force Base.
North Dakota
North Dakota taxes income earned from wages, investments, retirement accounts and business activity — albeit at competitive rates. The individual income tax rate is capped at 2.50% and corporations pay no more than 4.31%.
The Roughrider State has a small and growing community of entrepreneurs. North Dakota supports its small businesses with workforce development efforts and a range of funding programs. The five-year business survival is on par with Florida, at nearly 51%.
Real estate service provider Clever reports that North Dakota’s median home prices and 30-year mortgage rates are lower than national averages. Real estate investors might consider Grafton, Wahpeton and West Fargo, which Clever ranked as the state’s best residential real estate investment markets.
Indiana
Indiana levies a flat tax rate of 3.05% on personal income. The flat rate also applies to investment income, retirement distributions and pensions, but the state does not tax Social Security income or bequeathed assets. Corporations pay a 4.9% tax on their income.
In 2024, Indiana launched a $29 million fund to support small businesses and entrepreneurs with affordable financing. The state has an impressive five-year business survival rate of 53%, plus a sizable talent pool.
Indianapolis is the state’s strongest real estate market and may also offer civilian defense job opportunities.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 5 States You Should Consider Relocating to If Trump Wins in November
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