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Your state's income tax has not been raised in twenty years? Note the personal exemption is being increased and the state's sales tax is being lowered. This sounds like a decent deal for seniors without a significant income. So, who exactly is complaining?
Your state's income tax has not been raised in twenty years? Note the personal exemption is being increased and the state's sales tax is being lowered. This sounds like a decent deal for seniors without a significant income. So, who exactly is complaining?
I posted this info for others, in case there are retirees in higher income categories with ideas for a large home (=property taxes, which will be affected with this "plan") who may be thinking of moving to Mass. Good to know what's coming down the pike (or likely could) in any state.
Dayton, a Democrat, proposed the idea last week when announcing key parts of his proposed $37.9 billion budget. He made a similar proposal last year that was defeated by the then-Republican-controlled legislature.
The plan would purportedly raise no more than $30 million over two years from all Minnesota residents who live 60 days to just under six months in Minnesota by taxing their capital gains and dividends as well as income from stocks and bonds.
However, the prorated income tax would largely hit older residents and retirees, known as “snowbirds” because they leave northern states to establish residency in such warmer places as Arizona and Florida.
Thank you to all who responded; especially to fmwalk who provided the link that addressed the issue. Surprisingly, looks like the answer is "no"-CA will not tax pensions for out of state residents. Let's not make a big ruckus over this though, California is desperately looking for revenue right now!
At one time CA taxed or tried to tax ALL pensions earned while living in CA for people who no longer resided in the state. The Supreme Court told them that was a no no. I forget whether it was the State court or Fed., it has been a long time.
At one time CA taxed or tried to tax ALL pensions earned while living in CA for people who no longer resided in the state. The Supreme Court told them that was a no no. I forget whether it was the State court or Fed., it has been a long time.
Watch states try to figure out how to try it again.
Since most people would desire a house to built in that forest ( few retirees would want to live in a forest with no house) , what would the taxes be after a house was built ?
Would the taxes on 100 acres of forest including a house still only be $105 per year? If so, that is really cheap.
If not , your post is misleading as most retirees would want a house to go along with that forest.
( unless their name is Smokey the bear. )
It took a few years before they began taxing my house, 2400 sq ft is taxes around $450 /year.
Which I think is more than made up for by not paying income taxes on my pension.
At one time CA taxed or tried to tax ALL pensions earned while living in CA for people who no longer resided in the state. The Supreme Court told them that was a no no. I forget whether it was the State court or Fed., it has been a long time.
The Fed. effective in 1996. Title 4 USC §114. That's when I made the decision to retire ABC - Anywhere But California.
Your state's income tax has not been raised in twenty years? Note the personal exemption is being increased and the state's sales tax is being lowered. This sounds like a decent deal for seniors without a significant income. So, who exactly is complaining?
You are correct that this state the Peoples Republic of Massachusetts has not raised the state's income tax rate. What has gone up is property tax, gax tax, excise tax, sales tax (not for a while though), cigarette tax, liquor tax. Our cost of living has increased as a result.
I am not saying that this isn't a great state to live and work in. I know that I will not remain here in the future. Once I am retired and I get my wife to retire, the two of us will settle out our business sale if we get anything, our home sale and get the moving truck on the road we are heading to a warmer and lower cost of living state. Currently that state in our mind is Texas. Yes it still has sales tax, but my pensions are not taxed. Our home sale will net us more than enough to pay cash for the new home in Texas. We are not even sure if we will buy a home. We might lease. Bottom line is I know that as nice as New England is it is not the place I want to live out my life.
I am curious if my $130,000 Fla State Pension would be taxed by CA if I should retire there.
Thanks
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Good to know what's coming down the pike (or likely could) in any state.
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California Taxes
