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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread
VTI 329.37-1.1%Nov 6 4:00 PM EST
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To: Wally Mastroly who wrote (2408)4/21/2003 8:17:05 AM
From: Wally Mastroly  Read Replies (2) of 10065
 
Which states give retirees the best deal?

moneycentral.msn.com

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Some excerpts:

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..."Many people believe that no state income tax means lower overall taxes, but this is not necessarily true," says Eve Evans, co-author of "America's Best Low-Tax Retirement Towns" (Vacation Publications, $16.95). "In several cases, our research shows that the states without an income tax make up the difference with higher rates for property taxes, sales taxes and other tax categories." Are you surprised by that?..."

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"..A recent advertisement for retirement homes in Pennsylvania included the tantalizing enticement that retirement income is not taxed in the Keystone State. That's true. Pennsylvania, which has a broad-based state income tax, is one of the most generous states in the country when it comes to the tax treatment of retirement income. Social Security benefits, public and private pensions as well as IRA distributions are all exempt from state income tax. But don't pack your bags just yet. When we tabulated the total state and local tax burden for retirees in all 50 state capitals and Washington, D.C., Harrisburg, Pa., proved to be the most taxing city for retirees..."

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"...One word of caution: Our retiree tax analysis is based on taxes in state capital cities. Since property taxes are local, they can differ widely from city to city, and even from neighborhood to neighborhood. So our tax estimates for the state capitals may not reflect those of other cities within the same state..."
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