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North Carolina is ranked as one of the 10 worst states for taxes and in one the of articles they say that in 2015 NC will be into the upper top half of the list.
North Carolina is ranked as one of the 10 worst states for taxes and in one the of articles they say that in 2015 NC will be into the upper top half of the list.
Thanks for the links! (I didn't see anything about NC in the 2nd link, but it was nice to read about the 5 states residents were fleeing from that was on a link on that page). It is really a huge relief for me to hear about the drop in tax from 7.75 (what I would have been paying) to 5.8; I was really dreading having to go from paying nothing where I live (dry, sunny--but beautiful in the winter/spring/fall--Nevada) to something close to 8%!!! Very thankful (Just can't help thinking though how awful it is for someone only making like $20,000 to have to pay out now nearly 6% of what little they make; I would think that would destroy me--I would definitely be trying to run from that if I could).
Imo, the new NC tax rates and regs is not a simple, "Gee, the rate is being lowered" deal.
If one lives here/is an NC rez, it is what it is...
If one is considering moving here, working or retired, the new state income tax rules need some evaluation: the 'lower' marginal rate also comes with some changes in other sections of filing one's taxes. Those changes may or may not be 'good' for an individual, or may increase one's annual tax bill, all other things being equal.
A nominal state 'tax rate' is not the basis for a decision to move to another state, imo.
Have your CPA run your current income situ through NC's new rates. Then decide if your impetus to move to NC, 'tax-wise', is good for you.
GL, mD
A nominal state 'tax rate' is not the basis for a decision to move to another state, imo.
Definitely. I was going to move there regardless of the tax rates and was aware that moving practically anywhere back east would involve a pay-cut. So the 5.8% flat rate doesn't mean a state income tax deduction of 5.8% each pay-check (or however that works; I know absolutely nothing about taxes which is way I try to have as little to do with them as is possible).
Quote:
Originally Posted by motordavid
Have your CPA run your current income situ through NC's new rates. Then decide if your impetus to move to NC, 'tax-wise', is good for you.
GL, mD
Thanks; it'll probably be a while before I move--will try to enjoy my state-income taxless situation while it lasts!
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