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So, the sales tax for the state is now 7%? I thought it was 4.25% previously with counties adding more. If the general state sales tax is 7%, then Buncombe county may increase?
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Did any of these change in the latest legislation?
I think you mis-read something about the July changes. It was only electricity and gas that would be taxed at 7%. The over-all state sales tax is still 4.75%, with county add-ons still bringing it to 7%. http://www.dornc.com/taxes/sales/salesrates_4-13.html
The Buncombe County tax on groceries of 4.25% is pretty high. I think it is 2% in most places.
Also Georgia eliminated taxes on all retirement income starting in 2012.
So, I guess that's three states surrounding NC where retirement income is protected. And man, if there is ever a time in life when taxes will kill you, it's in retirement.
Oops. I got that slightly wrong. GA has a generous deduction that is probably all most people need, but they go to zero tax on retirement income in 2016.
This article on retirement tax havens by Forbes was written in 2010, so it's not super current. Even so, NC is just not a retirement tax haven. That's why so many retirees spend part of their year in FL and part in NC, so they can claim FL as their home for tax purposes.
Oops. I got that slightly wrong. GA has a generous deduction that is probably all most people need, but they go to zero tax on retirement income in 2016.
This article on retirement tax havens by Forbes was written in 2010, so it's not super current. Even so, NC is just not a retirement tax haven. That's why so many retirees spend part of their year in FL and part in NC, so they can claim FL as their home for tax purposes.
GA has the right idea about reducing taxes on retirement income. NC is going to chase retirees away to other states. Based on my calculations, the taxes in NC (adding in sales and income taxes as well as "fees" on registering cars; I'm a renter so I would not directly pay property taxes) would put the annual NC tax total (for me) on par with states like Massachusetts and Oregon, two states not known for low taxes. I'd like to avoid moving to a state that taxes groceries. Even Washington State with its 9.5% sales tax doesn't include groceries or presc meds, unlike NC.
Things are definitely changing in NC, as they are in other states. States are looking for income and changing many of the "tax havens" mentioned in the Forbes article, such as Kentucky, that had excellent tax breaks for retirees and now that's all changed, rather dramatically. Michigan also cut the retiree income tax breaks for people turning 65 starting in 2013. It's tough to do research for retirement in various states when the game is changing continuously.
Folks, I don't think NC is going after the retiree market. At least those who worry about the tax burden.
and the new tax structure to be reflects that
I think I agree with you!
It stinks. We run a business and pay for our own health care, which is only projected to rise. Not only do I have to accumulate toward my own retirement, but I also help one of my parents whose retirement nest egg was devastated by the economic meltdown and an incompetent financial planner at Fidelity. It's a lot on my plate.
I was thinking of relocating to NC, but that thought is getting further from my mind everyday. I don't need to move to a state that makes staying ahead financially more difficult. Not only is GA better for retirees, but there is a strong movement in GA to lower income taxes more.
Plus, I was looking around the Asheville area, and that's one of the most expensive places in NC. You can rent an enormous house in the GA mountains for the same money that will get you an apartment in Asheville. I think I'll just visit!
It stinks. We run a business and pay for our own health care, which is only projected to rise. Not only do I have to accumulate toward my own retirement, but I also help one of my parents whose retirement nest egg was devastated by the economic meltdown and an incompetent financial planner at Fidelity. It's a lot on my plate.
I was thinking of relocating to NC, but that thought is getting further from my mind everyday. I don't need to move to a state that makes staying ahead financially more difficult. Not only is GA better for retirees, but there is a strong movement in GA to lower income taxes more.
Plus, I was looking around the Asheville area, and that's one of the most expensive places in NC. You can rent an enormous house in the GA mountains for the same money that will get you an apartment in Asheville. I think I'll just visit!
probably wise, unless you have a great situation. Depending upon where you are in GA, it is really just on the other side of the mountain from NC. Mox Nix
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