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Interesting article. I would like to know that as well. NC is in my short list as well for a retirement location. I would love to hear from you NC folks once you settle the bill for the pied-piper.
We are looking forward to it. Hopefully it will run the desired course and we will be without income tax. In the short run there will be some pluses and minuses as our full pension will now be taxed but it will be at a lower rate. As we go up in income it will become more to our advantage. I share a common belief with those in charge that we should tax consumption at a higher rate and saving/investing along with income at a lower rate. Yes it gives us less of a progressive tax structure but we will all be better off if we can encourage savings more and I support reducing corporate taxes as areas of the state have horrendous economic issues and we need to up our ability to compete. At this point of the game any increase or decrease will just be part of doing business to live and enjoy as we do here. As with ACA much of it was done with ideology in mind and rushed to get it done. How it will play out and does it play out as intended is to be seen. Depending on income retirees will not be harmed as the article indicates. With the standard deduction increasing it may help out those seniors with little to itemize because they are healthy, without a mortgage and with multiple income streams. If you have an instate pension or a railroad pension you will be hurt more than someone with a state or local pension from out of state.
We are looking forward to it. Hopefully it will run the desired course and we will be without income tax. In the short run there will be some pluses and minuses as our full pension will now be taxed but it will be at a lower rate. As we go up in income it will become more to our advantage. I share a common belief with those in charge that we should tax consumption at a higher rate and saving/investing along with income at a lower rate. Yes it gives us less of a progressive tax structure but we will all be better off if we can encourage savings more and I support reducing corporate taxes as areas of the state have horrendous economic issues and we need to up our ability to compete. At this point of the game any increase or decrease will just be part of doing business to live and enjoy as we do here.
How does this compare to South Carolina tax law for retirees??
How does this compare to South Carolina tax law for retirees??
Not real sure, been here six years and have not paid attention to SC since we decided to retire here. SC other than Sun City Hilton Head was never on our list.
Not real sure, been here six years and have not paid attention to SC since we decided to retire here. SC other than Sun City Hilton Head was never on our list.
I am confused by what I have read thus far -- so we are waiting til we see the forms and get more info as to whether or not we get upset, lol.
At first glance, it would appear we will be paying MORE taxes.
NC is not the most retirement friendly state.
It is my understanding that SC is more friendly to retirees, especially those with government pensions. However, I haven't looked into that for 10 years or more -- that may not be the most accurate information.
Not meaning to stir up controversy, but if politics is a factor in where you retire, one should note the new ultraconservative bent, not just in light of poor people, but in general. This new shift may suit you better, or or not so well, depending on where you're coming from.
"...Other states in the South have been advancing equally conservative social and fiscal agendas, but in North Carolina, long considered one of the least conservative Southern states, the shift right has seemed sudden, stark and well-executed.
“..."I want the American people to watch the conservative playbook unfold in North Carolina,” Representative G. K. Butterfield, a Democrat in Congress who represents one of the poorest districts in the country, said Monday to the crowd. “It’s meanspirited, and it’s wrong.”...."
Not meaning to stir up controversy, but if politics is a factor in where you retire, one should note the new ultraconservative bent, not just in light of poor people, but in general. This new shift may suit you better, or or not so well, depending on where you're coming from.
"...Other states in the South have been advancing equally conservative social and fiscal agendas, but in North Carolina, long considered one of the least conservative Southern states, the shift right has seemed sudden, stark and well-executed.
“..."I want the American people to watch the conservative playbook unfold in North Carolina,” Representative G. K. Butterfield, a Democrat in Congress who represents one of the poorest districts in the country, said Monday to the crowd. “It’s meanspirited, and it’s wrong.”...."
—NY Times
Well, unless you have lived here for 50 years, you would really not understand why things have transpired in this State as they have.
And the rhetoric has been most misleading. Social programs are still quite intact in this state . . . and it seems any attempt to balance the budget is going to be seen as "mean spirited" by whatever group has to give up something. If one has truly studied the issues, it is evident that everyone is going to have to "give up" something (and many will be paying more taxes, so there is that sacrifice, as well).
I don't agree with a lot that has transpired with the Legislature this past session, but what is going on is an attempt to keep the state budget out of a deep red hole. I personally would not want to be the state representatives who have to figure that one out. No matter what they did, they were going to look like jerks and the one thing they did manage to do was to make everyone upset, which to me - says they probably did it as equitably as possible. No one is going to be happy about paying more taxes or cutting programs. At least they are trying to address the issues. This state still has a high unemployment and that is a problem that creates revenue problems - as well as social problems.
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