As families around the country collect their paperwork and get ready to file, people in Connecticut, Illinois, Iowa and New Jersey may find themselves with a heftier tax bill than their neighbors in other states.
An updated analysis by MoneyGeek, a personal finance site, evaluates how “tax friendly” each state is by calculating the tax burden on the average citizen. States with low tax burdens earned an A, while those with the highest tax burden earned Fs.
Tax something we all feel we pay to much of no matter were you live
ReplyDeleteThe peasantry are simple free range livestock made for tax milking. You can live anywhere you want and pay.
DeleteI can tell you, property taxes in Iowa are the absolute worst. The countys like to play a game, goes something like this:
ReplyDelete1.County raises the assessed value on the property to collect more tax revenue.
2. Owner complains to state legislators about taxes.
3. Legislators pass bill to limit percent of assessed value the countys can collect taxes on.
4. Countys raise the assessments even higher to collect even more taxes.
And then it's lather, rinse repeat.
So now home prices are ridiculously expensive for even basic starter homes and of course insurance rates double every couple years because replacement costs and yada yada.
Stupid crime aside, Tennessee is looking really good to retire to.
-lg
Tennessee has several things going for it. First, there's a little known factor in the real estate tax that essentially negates inflationary valuation. Second, the sales tax is pushing 10%, and 10% is a line no politician wants to risk crossing. And of course having a sales tax -a USE tax, not an INCOME tax- means that the bottom 50% can't escape paying their share. You want to eat, drive, or buy goods, you're going to contribute your share, and you can't dodge your share by not having an income (that is, being below some magic cutoff).
ReplyDeleteAs far as crime goes, just don't live in Memphis. The crime rate is directly proportional to the percentage of black population, and that statistic is easy to find. Choose location accordingly.
We left an upper midwest state for Tn 20 years ago and saw an immediate 20K tax saving. It'd be more like 30-35K now. All from state income and property taxes.
Good to know.
Delete-lg
Retirees need to consider where there income is coming from. KY exempts the first $31,110K from pensions and retirement accounts and no state tax on SS.
ReplyDeleteAs really old people here in Georgia, all of our retirement income is exempt and we don't pay any tax. Even when I was working, the tax didn't amount to much. As far as generally friendly, when we lived in my wife's hometown of Maryville, Tn, I told my wife it was the only place where I could come home from paying the water bill with a smile. True of almost any interaction. I think it had something to do with demographics compared to Georgia. I hear that Maryville has gone woke. Too many damn Yankee retirees, I suppose.
ReplyDelete