Vegas Free-for-All - Worst states for retirement(taxwise)

Worst states for retirement(taxwise)

jatki

Jun 22, 2014
10:58am

Well #1 was no shocker however a few others were.

https://www.cnbc.com/id/100978846?__source=xfinity|mod&par=xfinity?undefined

bbking

Jun 23, 2014
12:08am

Block User

They forgot Michigan.The states dumbass republican governor decided it was fair to start taxing retirees pensions shortly after installing his version of trickle down economics.

pjstroh

Jun 23, 2014
12:25am

Block User

There's usually a gap between states you want to retire in vs states you want to work in. ... at least if you want to make money when you work. Florida is a great place to soak in the sun....its not so great if you are looking for a high-paying IT job.

Don

Jun 23, 2014
12:57am

Block User

The Retirement Living Tax Section presents a fairly well-detailed summary of the tax situation in each State, . . . oriented towards retirees, but informative for everyone.

Roulette Man

Jun 23, 2014
2:11am

Block User

Well it doesn't surprise me about California, but I question a couple of their stats.

They say that sales tax rates are 7.5%. I'd love to know where that is. Try more like anywhere from 8.5% to 9.5%.

My property taxes have been 1% of value, but they are now tacking on fees (instead of taxes) and it is equal to 1.4% to 1.5%.

There is no longer an estate pick up tax for California. They would vote one in but they need a two thirds vote.

The top rate used to be 9.3% but if youwould reach that top rate after 47 to 50 thousand dollars of income. I know of no other state that accerlates their brackets that fast.

Boilerman

Jun 23, 2014
2:23am

Block User

California's top income tax rate (everything beyond $500,000) is 12.7%, I believe.

Quote

Originally posted by: Roulette Man
Well it doesn't surprise me about California, but I question a couple of their stats.

They say that sales tax rates are 7.5%. I'd love to know where that is. Try more like anywhere from 8.5% to 9.5%.

My property taxes have been 1% of value, but they are now tacking on fees (instead of taxes) and it is equal to 1.4% to 1.5%.

There is no longer an estate pick up tax for California. They would vote one in but they need a two thirds vote.

The top rate used to be 9.3% but if youwould reach that top rate after 47 to 50 thousand dollars of income. I know of no other state that accerlates their brackets that fast.

Boilerman

Jun 23, 2014
2:38am

Block User

My sister-in-law's father is some 80 years old. Two months he was ready to leave Illinois and move (with his substantial assets) to an Oregon retirement home (his son lives there), but decided against the move when he learned of the high Oregon "death tax". The new law (2012) is good for those with estates under $1,000,000, yet it encourages those with wealth in excess of $1,000,000 to move away and is discourages those with assets over $1,000,000 from relocating to Oregon.

That was the the choice of my sister-in-law's father. He will die in Illinois because of high Oregon taxes.

Here's the law:

On June 28, 2011,
Oregon’s governor signed
HB 2541 which replaces
Oregon’s pick-up tax with
a stand-alone estate tax
effective January 1, 2012.
The new tax has a $1
million threshold with
rates increasing from ten
percent to sixteen percent
between $1 million and
$9.5 million.

Roulette Man

Jun 23, 2014
3:05am

Block User

Quote

Originally posted by: Boilerman
California's top income tax rate (everything beyond $500,000) is 12.7%, I believe.

Quote
Originally posted by: Roulette Man
Well it doesn't surprise me about California, but I question a couple of their stats.

They say that sales tax rates are 7.5%. I'd love to know where that is. Try more like anywhere from 8.5% to 9.5%.

My property taxes have been 1% of value, but they are now tacking on fees (instead of taxes) and it is equal to 1.4% to 1.5%.

There is no longer an estate pick up tax for California. They would vote one in but they need a two thirds vote.

The top rate used to be 9.3% but if youwould reach that top rate after 47 to 50 thousand dollars of income. I know of no other state that accerlates their brackets that fast.

It is 12.3% but if your income is over a million dollars, they add an extra 1% tax on everything over a million. It is called the "mental" tax. Therefore one can have a margin rate of 13.3%

Boilerman

Jun 23, 2014
4:15am

Block User

If I was opening a manufacturing business, I would steer clear of California. I'm guessing some others have the same thoughts. They make it both difficult and expensive to do business there.

Quote

Originally posted by: Roulette Man

Quote
Originally posted by: Boilerman
California's top income tax rate (everything beyond $500,000) is 12.7%, I believe.

Quote
Originally posted by: Roulette Man
Well it doesn't surprise me about California, but I question a couple of their stats.

They say that sales tax rates are 7.5%. I'd love to know where that is. Try more like anywhere from 8.5% to 9.5%.

My property taxes have been 1% of value, but they are now tacking on fees (instead of taxes) and it is equal to 1.4% to 1.5%.

There is no longer an estate pick up tax for California. They would vote one in but they need a two thirds vote.

The top rate used to be 9.3% but if youwould reach that top rate after 47 to 50 thousand dollars of income. I know of no other state that accerlates their brackets that fast.

It is 12.3% but if your income is over a million dollars, they add an extra 1% tax on everything over a million. It is called the "mental" tax. Therefore one can have a margin rate of 13.3%

drmilled

Jun 23, 2014
4:38am

Block User

I believe there is a correlation with states with the highest taxes are also those with the highest percentile of illegal aliens, welfare and unemployment fraud. California is a classic example.

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