TITLE

Watch Those 'Low Tax' States

PUB. DATE
October 1997
SOURCE
Journal of Financial Planning;Oct97, Vol. 10 Issue 5, p18
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on the factors which should be considered when planning for retirement. When planning for retirement, retirees sometimes consider moving to a "lower tax" state to cut their tax bite. But according to a study by the Tax Foundation, some of those low-tax states are not quite as low as they appear. The Tax Foundation analyzed states with and without federal taxes on the premise that the affluent tend to congregate in certain states, thereby skewing their state's pet capita tax figures. It turns out that some states are not as bad as they appear. New York still ranks number one in the nation with the largest tax bite, whether federal taxes are included or not. Total taxes for New Yorkers is 35.15 percent of income, while state and local taxes consume 11.75 percent of income. Hawaii, Wisconsin, Minnesota, Oregon and Connecticut also rank high whatever way one looks at it. On the other hand, Illinois drops from 8th to 27th when one factors out federal taxes, Wyoming drops from 10th to 45th, and Florida drops from 25th to 34th. Since federal taxes will follow the clients wherever they go, one might take a closer look at the state rankings if clients are thinking of moving. The lowest tax state Tennessee ranks 49th either way.
ACCESSION #
9712013876

 

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