Miss. & Ala. aren't LAST in everything !!!!!

Discussion in 'The Constitutional & RKBA Forum' started by Marlin, Jul 5, 2011.

  1. Marlin

    Marlin *TFF Admin Staff Chief Counselor*

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    Interesting facts from Kiplinger.com this morning.


    5 Tax-Friendly States for Retirees 2011
    by Mary Beth Franklin
    Friday, July 1, 2011

    Where's the best state for you to retire? Here's a good place to start your search: These five impose the lowest taxes on retirees in the contiguous U.S., according to our research. All these retiree tax heavens exempt Social Security benefits from state income taxes. Many of them exclude government and military pensions from income taxes, too, or offer blanket exclusions up to a specific dollar amount for a wide variety of retirement income.

    Although relocating to an income-tax-free state such as Florida or Texas may sound appealing, sometimes the best retirement destination is a state that imposes an income tax but offers generous exemptions for retirement income.

    Once you narrow your search to a few key states, zero in on local taxes. Municipalities can impose hefty property taxes or other assessments, or they may layer local sales taxes on top of statewide levies. Federal taxes? If you claim the standard deduction, they'll be the same no matter where you live. But if you itemize your deductions, you'll be able to write off real estate taxes and state income taxes, reducing your federal tax bill and easing some of the pain.

    #1 Wyoming
    State Income Tax: None
    State Sales Tax: 4%
    Estate Tax/Inheritance Tax: No/No

    Thanks to the abundant revenues that Wyoming collects from oil and mineral companies, its residents have one of the lowest tax burdens in the nation, according to the Tax Foundation, a nonprofit research group in Washington, D.C. There is no state income tax. The state sales tax is 4%, and counties in the Equality State can only add up to 1% in additional levies -- a very low ceiling. Plus, prescription drugs and groceries are exempt from state sales taxes. For most property, only 9.5% of market value is subject to tax, so a home worth $100,000 is taxed on $9,500 of assessed value.

    #2 Mississippi
    State Income Tax: 3%-5%
    State Sales Tax: 7%
    Estate Tax/Inheritance Tax: No/No

    Mississippi offers a sweet income-tax deal for retirees. It not only exempts Social Security benefits from state income taxes but also excludes all qualified retirement income -- including pensions, annuities, and IRA and 401(k) distributions. Remaining income is taxed at a maximum 5%. In addition, the Magnolia State is home to some of the lowest property taxes in the nation. Residential property is taxed at 10% of assessed value, and seniors qualify for a homestead exemption on the first $75,000 of value. The statewide sales tax is 7%, and counties and cities may add up to 3% to the state rate. But prescription drugs and health care services are exempt.

    #3 Pennsylvania
    State Income Tax: Flat rate of 3.07%
    State Sales Tax: 6%
    Estate Tax/Inheritance Tax: Yes/Yes

    True to its Quaker roots, Pennsylvania extends a friendly hand to retirees. It offers unusually generous exclusions from state income tax on a wide variety of retirement income. Pennsylvania does not tax Social Security benefits or any type of public or private pensions. Nor does it nick distributions from 401(k)s, IRAs, deferred-compensation plans or other retirement accounts. Remaining income is taxed at a low, flat rate of 3.07%. Food, clothing and medicine are exempt from state sales taxes. Property taxes can be high in the Keystone State, especially near larger cities, but rates vary widely. One caveat for the wealthy: Your heirs won't get off so easily. Pennsylvania is one of the few states to have both an inheritance tax, paid by the heirs, and an estate tax -- though it applies only when an estate is large enough to trigger federal estate taxes ($5 million or more).

    #4 Kentucky
    State Income Tax: 2%-6%
    State Sales Tax: 6%
    Estate Tax/Inheritance Tax: No/Yes

    The home of the Kentucky Derby is a good bet for retirees. It exempts Social Security benefits from state income taxes, and it allows residents to exclude up to $41,110 per person in retirement income from a wide variety of sources, including public and private pensions and annuities. Personal income-tax rates range from 2% to 6%. A 6% sales tax is imposed at the state level only. Homeowners 65 and older qualify for a homestead provision that exempts part of the value of their property from state taxes. The Bluegrass State has an inheritance tax, but immediate family members are exempt.

    #5 Alabama
    State Income Tax: 2%-5%
    State Sales Tax: 4%
    Estate Tax/Inheritance Tax: No/No

    Alabama is a tax haven for retirees. Social Security benefits, as well as military, public and private defined-benefit pensions, are excluded from state income taxes. Remaining income is taxed at the state's low rates, which range from 2% to 5%. Alabama also has some of the lowest property taxes in the U.S. Homeowners 65 and older are exempt from state property taxes, but some cities assess their own property tax. The only downside is sales taxes. Although the statewide rate is just 4%, cities and counties in the Yellowhammer State can impose their own levies, and together the taxes can add up to a whopping 10% or more in some cities. Food is taxed, but prescription drugs are not.

    Visit Kiplinger for more tax-friendly states for retirees.
  2. 22WRF

    22WRF Well-Known Member

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    Not true we still pay property taxes but do get a Homestead Exemption
    Last edited: Jul 5, 2011
  3. Juker

    Juker New Member

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    Wyoming's in the top five for when we break out of Illinois next year.
  4. henry77

    henry77 New Member

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    Mississippi has a good Republican governor. We are running a surplus in the state at the moment. We love our guns.
  5. Kestral

    Kestral Member

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    It may be an idea if all like minded people picked a state that they admire as being what they think is how the USA is supposed to be.Even if you are not able to actually move there,you can still give it all the support & help that you can.Over a few years, it would become the focal point of all like minded American people,and hopefully its attractions would spread to cover the rest of the country as time went by.It would be a wonderful place to start a top class college teaching Americas true heritage and way of life., not the way things are portrayed as they are now a days.Might be a bit of a pipe dream at this moment in time,but it might be worth thinking about for the future.
  6. permafrost

    permafrost Active Member

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    This is happening to fairly large degree already. Business and people are leaving states like California in ever increasing numbers due to tax issues and quality of life concerns. They are voting with their feet. California continually shoots itself in the foot. This week they voted to tax internet businesses located there. Amazon.com immediately said they wouldn't pay and pulled there link to some 25,000 internet businesses, once again killing business rather than collecting any revenue and hurting their citizens. The migration continues.


    PS- You rarely see this on the MSM reporting because California is a liberal favorite.
    Last edited: Jul 6, 2011
  7. RedHawk

    RedHawk Former Guest

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    Well stay away from the Delta , because I lived in Yazoo City and my property taxes were about $5000 , my home was about 3,000 sft , 3 acres , originally before the housing crunch it was worth around $300k , before the bank took it I couldnt sell it for $125k , the county assessors office continued to increase the property taxes!
    Mississippi ,is a great state but Govenor Barber is letting the blacks gradually take control which is ruining the state, it has the highest poverty rate in the country , every town you pull into has elaborate public housing complexes many have swimming pools and baseball fields to keep the blacks occupied , anytime of day (day/night) they just walk aimlessly and for those who have never lived in the south and think im racist , I would say "come walk in my shoes" , because there race movement that MLK started in the 60's , hasnt made it to MS yet , theres no gray areas in MS your either black or white , maybe in a big town like Jackson its differnet in small towns , they have black bars and white bars , your white you dont go into a black bar unless your the law!, everything is segregated , ask any of your MS friends what highschool they went to or where there kids go to school , if there white , they go to an Academy , now ask em why?
    If your planning on retiring in the south you need to know this stuff !!

    Many towns still fly the Confederate flag at there Court houses , deputies have the confederate patch on there arm! Ever been to a place where YOU ARE THE MINORITY? With that said , your still the master race , dont get me wrong its also the friendliest state, I can drive up to a town and there will 30 blacks sitting there smoking and drinking 40's (which by the way is what you'll see alot of) but dont be scared , they'll all wave and say hi to ya! Its bizarre !

    If ya ever get to the Delta I encourage you to stop in the town of Tchula , go early , the shoick factor isnt as great as night but its still present and if you really want to know where all your stimulus money is going , drive through Mississippi , you'll have never seen so many public housing complexes in your life , entering or leaving towns they are there and the laziest people in the country live free there!
    Last edited by a moderator: Jul 8, 2011
  8. Juker

    Juker New Member

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    New report just announced on FOX says Mississippi, Alabama, and West Virginia are the most obese states.

    Wonder if there's a correlation there... lower taxes, more money for food? :lmao2:

    BTW, Coloradoans are the least obese.
  9. Hawg

    Hawg Active Member

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    We're not last in everything. We've always been first in unemployment and low pay.
  10. Hatch

    Hatch Former Guest

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    That makes absolutely no sense since CO is one of the hugest pot growing states, either they only grow and dont smoke, or the books are cooked like global warming and putting sensors at the end of major international airports LOL!!!!
  11. permafrost

    permafrost Active Member

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    Redhawk, this was my experience also. The blacks definitely have a chip on their shoulder down there. If your white and try to order something to eat in a fast food place with black workers you are definitely treated lik s**t! I had them actually serve other blacks that came in after me first. Definite dislike of whites. I never saw a more overtly hostile bunch anywhere, like I did there. I'm not going back.
  12. RedHawk

    RedHawk Former Guest

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    well dont get me wrong , Mississippi is a wonderful place , its just that segregation is still present there , its not like California where you see Black men marrying white women , not only would that be frowned upon in the white community, its also frowned upon in the black community ! You just have to know where to go , I would bet that Biloxi (bi-luxi) ,is a whole lot different seeing that its more of a resort community ,all the beach areas are , but when you get to the Delta things are different ! Bars are segregated ,resturaunts , barbers , you just have to know where you are , and you will find that out real quick! But my top three places to live would be Oklahoma , Misissippi and New Orleans!!! So see the south to me is really a great place!
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