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Old 08-13-2007, 05:54 AM
 
Location: Utopia
1,999 posts, read 9,411,473 times
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Isn't your State income tax rate something like 8.7% on dividends, interest and capital gains on stocks and bonds? That is quite a chunk....yikes!
If anyone has any other information on this, please share it with us.
I am not living yet in Delaware, and would like to live near D.C. If worse comes to worse, I guess living in Maryland might be overall cheaper since all we own are mutual funds and cash in the bank. Maryland's State income tax rate is lower, I think.
Opinions on this welcome as we are still up in the air about where to go.
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Old 08-13-2007, 09:40 AM
 
1,644 posts, read 4,455,857 times
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Tootsie, I don't know if this chart will help you or not....

State Individual Income Taxes (http://demo.assetstream.com/calculator/Help/State_tax_rates.htm - broken link)

Delaware is just under 6%. Not quite as bad as you thought. However, we left Delaware for this reason.

Other taxes are lower (property/no sales tax) than many places. I found that you get the public services equal to the lower taxes.

I was very happy in Delaware until some situations (mainly personal medical issues) could not be addressed there. Just today I received a bill for $484.00 from a PT there...services that ended in early March of this year. Ummmmm, I gave them a hand-delivered check in April for $696.00. ?????? Do I get $212.00 back?? Some how I doubt it. <<<major sigh!>>>
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Old 08-13-2007, 10:44 AM
 
199 posts, read 856,176 times
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Tootsie Wootsie,

Before you choose D.C., you may like to know that a recent CNN "Money Magazine" poll placed D.C. and NY tied for second place in the overall tax bite as a percentage of per capita income taken by states (I realize D.C. is not a state). Unless you're 65 or older, MD doesn't give you much of a break on state income taxes. You can pull up all state income tax forms on the Internet. Hope this helps.
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Old 08-13-2007, 12:09 PM
 
Location: Utopia
1,999 posts, read 9,411,473 times
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I'm almost 63, and would like to live near my children who will be around the DC area somewhere.
Virginia is higher than Maryland, Delaware at 6% is high to me. I just can't seem to find any place with low taxes in the NE...darn it!
I have lived in DC when I was starting out in my early 20's. If I knew then what I know now, I would never get caught paying what? 12% State income tax in DC! Good grief! Thank heaven, I was young and stupid then.
Other than a no State income tax State like Texas, Florida, Wyoming, etc., Illinois is 3% and Pennsylvania is 3.7%; which is not bad....not better than zero...but not bad.
I found this:
Individual Income Tax Rates-2007 (http://www.taxadmin.org/FTA/rate/ind_inc.html - broken link)

These are the 2007 State income tax rates for the States.
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Old 08-13-2007, 01:01 PM
 
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Tootsie, I think PA is 2.8% flat rate. That's where we moved to from DE.

Again, the 6% sales tax is a bite in PA. Necessities are not taxed in PA. At our age, there's not a lot of large ticket items to be purchased. Many people go to DE to buy more expensive items that are taxable in PA. MD has a sales tax on everything.

Property taxes in PA can be high depending on where you live. There are some areas of PA where the property taxes aren't *that* much higher than DE. It's a biiiig state.

Check out areas along the RT 83 corridor toward York and Harrisburg. That's a major run south to Baltimore and DC. Also, some areas of Franklin and Adams Counties in PA seem to have a lower cost of living. Lots of main roads south in that area as well.

At our ages we are probably still better off financially than our kids and grandkids. I worry about my kids and their financial stability as they age. It's the cost of medical care that's gonna do us in.

Edited to say that I see your chart lists PA at 3.7%. I need to check that out. I know the chart I posted to you was older, but we found the 2.8% was current.
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Old 08-14-2007, 06:59 AM
 
16,199 posts, read 10,536,049 times
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Lord, I didnt' know that DE's state tax was that high. I guess i t is a broad as it is long wherever you live.
Bottom line, if you dont' pay one way, you will pay another.
There are some states impossible like NJ and NY. Between DE and PA there is not much difference.
I do know when you are 65 in DE you get half of school tax back. My delawarian neighbor who has live here all her life informed us last week about this.
We were looking for a home that wasn't costing an arm and a leg in a 55+ community and found it. As far as state taxes, I didnt' realize. Oh well..........Tax time should be fun
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Old 08-14-2007, 07:00 AM
 
16,199 posts, read 10,536,049 times
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PS: Funny..............I worked at IRS for 23 years. Was thinking lately with my experience I may want to work for the Dept of revenue in De eventually. Now I may have too soon.
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Old 08-14-2007, 08:17 AM
 
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elizamary, if you are serious about finding a job in the Dover area, I sincerely wish you well. Age discrimination and reverse discrimination seemed to be the walls I bumped into. Perhaps that was just my run of poor luck.

I wasn't looking to make a ton of $$, so I wasn't being really choosy. I came from a job where I worked hard and earned the respect of my peers and supervisors. I provided 1:1 services for special-needs children....mostly psychiatrically diagnosed in self-contained classrooms and the main stream classrooms. I also spent three years with Medically Fragile/Severely Involved children.

In Dover, I felt as if nothing I did was right. No Child Left Behind pretty much excluded me from my field of experience in DE. It didn't matter that I had 25 years of successful experience.

In one job, I found myself sitting on the floor on some days to do clerical work and purchased most of my own supplies. The job description required having a phone. They decided they couldn't afford a phone. I tried, and I probably hung in there too long. It just didn't work out as I had hoped.

I realize it could be assumed that this treatment was a way to 'get rid' of me. I wasn't the only one who found things odd. There was a large turn over. I really allowed it to have a negative effect on me personally. I was used to making something wonderful from nothing. I just couldn't seem to do it where I landed.

Also, the hours were part time. I was told one set of hours when I agreed to take the job. Then the hours were just not there. It was simply silly to go in, work for an hour or two, and leave. That paid $9.00 an hour and I thought I was in hog heaven!!

What I found was a lack of organization, structure, no supervision or poor supervision. Management complained all the time that things just didn't go well. I don't think they realize that a productive workplace needs to begin at the top.

Whoops...I think that was more a vent than info. sigh


Edited to say....look for a state job...like you said. You will make much better $$ and have the perks.
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Old 08-14-2007, 08:38 AM
 
16,199 posts, read 10,536,049 times
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Quote:
Originally Posted by rockky View Post
elizamary, Fragile/Severely Involved children.



Edited to say....look for a state job...like you said. You will make much better $$ and have the perks.

Sorry about your experience. so there is age discrimination? You say the state is a good place to look?
That is what I was thinking.
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Old 08-14-2007, 08:58 AM
 
Location: Utopia
1,999 posts, read 9,411,473 times
Reputation: 1479
I have found this out: State income tax rates change from year-to-year many times. Illinois has been a flat 3% forever, but you do have to check your rates each year to be sure yours has stayed the same.
Pennsylvania seems to be one of the few States with the most seniors/retirees/boomers in it. Must be a reason...and, let us assume, it has to do with taxes.
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