State Income Taxes

[Sourdough]

I have been talking to my Wife's family about the high income and luxury taxes they are paying in Virginia for years.  Upon retirement Five of them have left Virginia and moved to Florida, understanding how much they were going to have to pay from their limited retirement.  The rest are still there in Virginia and complaining about how their retirement just don't go as far as they thought it would.  One of my wife's brothers has let his daughter and her husband move in with them.  It's simple they can't afford the house payments with out their finicial input. 
 
A few years ago Rush Limbaugh moved from New York to Miami.  Rush openly admitted taxes was the reason.  One daqy he told how many millions he had saved by moving.  Rush also gave the figures that his employees saved when they moved along with him.  That's a lot of money folks.  Here is what some other rich people are doing.
 
http://www.foxnews.com/opinion/2013/01/30/look-out-mr-obama-tax-revolt-has-begun-in-america-led-by-mickelson-woods/?intcmp=obnetwork

[magooch]

None of us are more than an election, or two away from living in a state that goes for every last cent you have.  I live in Washington, which has no state income tax, but it's not for want of trying on the part of the greedy Dumycrats.  Over the years, they have submitted plan after plan to the voters to try to get an income tax, but it has been turned down flat, over and over.  I have no doubt that we'll see another attempt and possibly very soon, since we have a new Governor (a Dumycrat) who promised no new taxes.  He broke that promise as quick as he was sworn in.  But we're used to that, because our last Governor--also a Dumycrat--started her first term out the same exact way.


With the rapid changing of our poopulation and Obamanomics, the pressure for ever more revenues guarantees that states--especially those where Dumycrats dominate will not rest until every possible tax has been tapped.  And don't ever underestimate the stupidity of the voters.  Just look at what California has done to themselves.

[Conan The Librarian]

It's not just rich people, I can promise you that. My first order of business upon retiring is to leave Minnesota. Can't afford to stay here with all the taxes. It would mean the difference between paying taxes and taking vacations or buying cars. MN is one of the least senior-friendly states in the US, not just in terms of taxes, but on most other dimensions too. Here's one article that just looks at taxes.
 
For most of us middle class types, it's important not to just focus on taxes. Overall cost of living and quality of life are important. It all needs to be studied carefully. But one thing I can say is that if you eliminate high taxes, places with a good quality of life are easy to find.
 
This, of course, applies only to people that are not set in their ways, and are willing to move. That seems to be a minority.
 
 
http://www.kiplinger.com/slideshow/retirement/T006-S001-10-least-tax-friendly-states-for-retirees/index.html
 

[facetious]

It's not just rich people, I can promise you that. My first order of business upon retiring is to leave Minnesota. Can't afford to stay here with all the taxes.



I grew up in MN. After school I ended up getting a job in CO. When my parents retired in 1980 at 62 thy moved here too. My dad said that with the difference in taxes thy had the same after tax income as thy would have had  had thy stayed in MN and worked till 65

I see that now MN wants to have a Snow bird tax on any one who stays in the state for more then 60 days a year .

[Bigeasy]

Sourdough-
 
If you have relatives who want to stay in the general geographic area as VA, PA has no state income tax on retirees..
 
Larry

[DDZ]

According to the leftists these people have not been paying their fair share. They have been railing against the rich for years, and ever since they got their Marxist president elected, the noise about the rich not paying their fair share has really ramped up. Wonder what they will do when the mass exodus begins? I figure a law will be created, not allowing anyone to leave their state, or the country with their money. Then who will the leftists rail against? Its going to be anyone with money.   

[Anna]

States like Texas have no personal income tax or they didn't . But property taxes more than make
up for that. And they have sales tax zones where the sales tax is so high it isn't worth buying
anything.

[BAGTIC]

Good point Anna.
When I lived in Oregon Washington state made a big deal of not having an income tax, while Oregon promoted its 'no sales tax'. There is an annual publication that compares the total tax burden in the five Pacific Coast states (California, Oregon, Washington, Idaho, Montana). This includes sales, property, income, registration fees, etc.
One's own particular finances (income, age. dependents, home ownership, source of income, etc.) makes a big difference in which state is most advantageous. I was surprised to learn that for a single man in my income bracket California was significantly cheaper tax wise. Then one has to add in the prices and costs of living.
It is not as simple a decision as some apparently believe.

[mechanic]

My daughter owns property in Tx. and the tax is stupendous.  They will get their pound of flesh one way or the other.
 
Ben