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Re: 10 Tax-Unfriendly States for Retirees 2011 

By: DGpeddler in POPE | Recommend this post (1)
Sun, 26 Jun 11 9:45 PM | 19 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 38380 of 65535
(This msg. is a reply to 38372 by Zimbler0)
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http://finance.yahoo.com/focus-retirement/article/112987/tax-unfriendly-states-retirees?mod=fidelity-livingretirement&cat=fidelity_2010_living_in_retirement

#1 VERMONT
State Income Tax: 3.55%-8.95%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: Yes/No

#2 MINNESOTA
State Income Tax: 5.35%-7.85%
State Sales Tax: 6.875% (cities and counties can add another 2.65%)
Estate Tax/Inheritance Tax: No/No

#3 NEBRASKA
State Income Tax: 2.56%-6.84%
State Sales Tax: 5.5% (localities can add another 1.5%)
Estate Tax/Inheritance Tax: No/Yes

#4 OREGON
State Income Tax: 5%-11%
State Sales Tax: None
Estate Tax/Inheritance Tax: No/Yes

#5 CALIFORNIA
State Income Tax: 1.25%-9.55%
State Sales Tax: 7.25% (effective July 1, 2011)
Estate Tax/Inheritance Tax: No/No

#6 MAINE
State Income Tax: 2%-8.5%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: Yes/No

#7 IOWA
State Income Tax: 0.36%-8.98%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: No/Yes

#8 WISCONSIN
State Income Tax: 4.6%-7.75%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: No/No

#9 NEW JERSEY
State Income Tax: 1.4%-8.97%
State Sales Tax: 7%
Estate Tax/Inheritance Tax: Yes/Yes

#10 CONNECTICUT
State Income Tax: 3%-6.7%
State Sales Tax: 6.35%-7%
Estate Tax/Inheritance Tax: Yes/No

Although relocating to an income-tax-free state such as Florida or Texas may sound appealing, sometimes the best retirement destination is a state that imposes an income tax but offers generous exemptions for retirement income.

Once you narrow your search to a few key states, zero in on local taxes. Municipalities can impose hefty property taxes or other assessments, or they may layer local sales taxes on top of statewide levies. Federal taxes? If you claim the standard deduction, they'll be the same no matter where you live. But if you itemize your deductions, you'll be able to write off real estate taxes and state income taxes, reducing your federal tax bill and easing some of the pain


June 2011
10 Tax-Friendly States For Retirees 2011
#1 WYOMING

#2 MISSISSIPPI

#3 PENNSYLVANIA

#4 KENTUCKY

#5 ALABAMA

#6 GEORGIA

#7 OKLAHOMA

#8 SOUTH CAROLINA

#9 DELAWARE

#10 LOUISIANA

Personally, I’ll stick with Texas, for now.

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The above is a reply to the following message:
10 Tax-Unfriendly States for Retirees 2011
By: Zimbler0 in POPE
Sun, 26 Jun 11 7:12 PM 		Msg. 38372 of 65535

http://finance.yahoo.com/focus-retirement/article/112987/tax-unfriendly-states-retirees?mod=fidelity-livingretirement&cat=fidelity_2010_living_in_retirement

Some states offer attractive tax benefits for retirees. Then there are these ten tax hells, which have earned a place on our "do not live here for your second act" list either because of higher-than-average taxes across the board or because of policies that don't exempt much retirement income from state taxation. For retirees living on a fixed income, high income taxes, burdensome real estate taxes and hefty sales taxes on daily purchases can really eat into a nest egg. Choosing to relocate to — or stay put in — a state with a low overall tax burden can help stretch your retirement income.

#1 VERMONT


(Article does continue. Zim.)

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