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A number of discussions have centered on what state/locality is the best to retire to, both in cost of living and quality of life. I happened across an article in the Sarasota Herald-Tribune that identified Florida as one of the top 10 unfair states on taxation policies so I was curious as to who the other nine were and why they had earned such a dubious distinction.
I've included a link for the report and it is worthwhile skimming through/some abbrieviated links are also available at the site if you are just interested in reading the table format on certain states. Reading the text however in the full document adds to the value however.
The key contention is the various tax burdens of states can unfairly affect the poorest citizens as well as the middle class - i.e. the most wealthy citizens pay the least portion of their income when one factors in income tax/property tax/sales tax etc. While the report is specifically discussing non-elderly population, it is still pertinent in several ways.
Most states are having to rethink their taxation policies because of decreased revenues and increased demand for services due to the economy. As a result, whatever exists in a state you choose today will likely not be the same tomorrow.
Services that are offered today that may make a place very nice to live in may not be offered in the future if unfair taxation policies persist.
What happens to the general population of a state as a result of policies will eventually affect all residents, young or incredibly seasoned and wise, rich or poor. The mecca today for the retired in any income bracket could be altered in the near future.
So, if you are interested in reading a bit about the state you presently reside in or those you might consider, this may be worth reading. Many of the sites we have all been visiting seem to neglect the issue of taxes when reporting cost of living etc and so I was rather pleased to find something that gave me a bit more perspective on places I might live.
Happy reading! (ps - not sure if the link copied completely so you may have to alter this and add an "L" at the end of html
The key contention is the various tax burdens of states can unfairly affect the poorest citizens as well as the middle class - i.e. the most wealthy citizens pay the least portion of their income when one factors in income tax/property tax/sales tax etc.
Gee, what a surprise, A very liberal think tank conducts a study and determines that virtually every state in the country should tax its wealthy residents at a higher rate while decreasing the taxes on the lower and middle class.
Basically, almost any state that doesn't have an income tax will fair poorly in such a study because it relies on sales taxes for so much of its funds. There are 7 states in the U.S. that don't levy a personal income tax. Six of these states make this so-called Top 10 list.
The pdf file of the study runs 130 pages. Let me save everyone some time. Here are the results:
1. The 7 states that don't have an income tax should begin taxing its residents.
2. The 43 states that already have an income tax should raise the tax rates at the upper end of the spectrum to make the tax more progressive.
I believe the report is well worth reading. Certainly makes me think twice about where I could live on a "shoe string budget" (nod to NewEnglandGirl). If you are poor or lower middle income (but not yet elderly), the "tax haven" states may be the last place you want to move. Vermont is starting to look appealing.
Texas has no state income tax. We are not doing to bad relative to other states that do have state income tax. Texas is pretty fiscally conservative anyway. Plus a state income tax would need to be voted in by the residents and most do not want it.
States can get their money from other places than a state income tax. We have high property taxes which kept our real estate prices low.
A number of discussions have centered on what state/locality is the best to retire to, both in cost of living and quality of life. I happened across an article in the Sarasota Herald-Tribune that identified Florida as one of the top 10 unfair states on taxation policies so I was curious as to who the other nine were and why they had earned such a dubious distinction.
I've included a link for the report and it is worthwhile skimming through/some abbrieviated links are also available at the site if you are just interested in reading the table format on certain states. Reading the text however in the full document adds to the value however.
The key contention is the various tax burdens of states can unfairly affect the poorest citizens as well as the middle class - i.e. the most wealthy citizens pay the least portion of their income when one factors in income tax/property tax/sales tax etc. While the report is specifically discussing non-elderly population, it is still pertinent in several ways.
Most states are having to rethink their taxation policies because of decreased revenues and increased demand for services due to the economy. As a result, whatever exists in a state you choose today will likely not be the same tomorrow.
Services that are offered today that may make a place very nice to live in may not be offered in the future if unfair taxation policies persist.
What happens to the general population of a state as a result of policies will eventually affect all residents, young or incredibly seasoned and wise, rich or poor. The mecca today for the retired in any income bracket could be altered in the near future.
So, if you are interested in reading a bit about the state you presently reside in or those you might consider, this may be worth reading. Many of the sites we have all been visiting seem to neglect the issue of taxes when reporting cost of living etc and so I was rather pleased to find something that gave me a bit more perspective on places I might live.
Happy reading! (ps - not sure if the link copied completely so you may have to alter this and add an "L" at the end of html
Its not just the states but its going to be even more so with the federal program cuts coming and its going to be worse the more debt with interest we buildup.
And those states that took the unemployment part of the stimulus have one more year and then they all have to fund unemployment for part time workers themselves. That will add a huge debt burden to those states.
And those states that took the unemployment part of the stimulus have one more year and then they all have to fund unemployment for part time workers themselves. That will add a huge debt burden to those states.
I was glad Perry refused that for Texas.
Yep;and that is not the only part of the stimulus that states will be funding;plus the huge increases of medicaid that states will be funding in the heathcare bill now proposed. I imagine there are going to be some really mad state taxpayers in four years when their taxes skyrocket to pay the hidden cost of that bill.Yep;congress keep it within the budget act by a shell game again.
Yep;and that is not the only part of the stimulus that states will be funding;plus the huge increases of medicaid that states will be funding in the heathcare bill now proposed. I imagine there are going to be some really mad state taxpayers in four years when their taxes skyrocket to pay the hidden cost of that bill.Yep;congress keep it within the budget act by a shell game again.
There is a reason the health care bill is being ironed out behind closed doors despite Obama's promise of transparency.
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