Lowest Tax States for Retirees

[manfromnevada]

http://finance.yahoo.com/focus-retirement/article/109229/lowest-tax-states-for-retirees?mod=fidelity-livingretirement

from Yahoo! Finance:

For High-Earners:

If you'll be collecting a sizable income in retirement, from pensions, investments, or other sources, then you'll want to live in a state with low income tax. These seven states are best because they charge no taxes on individual income: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.

For Big Spenders:

States charge different amounts of sales tax, which means everything from dinners out, clothes, and cars can cost significantly less in low or no-sales tax states. These five states are best for big shoppers, because they charge no sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. Runners-up include Colorado, which has a low 2.9 percent sales tax rate, and Alabama, Hawaii, Georgia, Louisiana, New York, South Dakota, Virginia, And Wyoming, which charge a 4 percent rate.


And surprise, surprise, the state that comes in dead last in both of the above is Kalifornia, yet my brother and two daughters insist on living there. Somehow the gene pool must have gotten corrupted . . .

Mac

[sunny225]

It says that Alabama is one of the best with a sales tax of 4%. That's true, but if you live in one of the counties that tack on an extra sales tax you can pay up to 10% there. Is that also true of Wyoming? Can someone who lives in the counties tell us how much actual sales tax you pay there?

[Seniortech]

Weston County:  5%, no tax on food (statewide)

[Crappiewy]

Cheyenne is 6%

[Flight-ER-Doc]

In NY I think that counties and cities can impose sales taxes also.  I know that when I'm forced to go to NYC the sales tax is way more than 4%.

[bobcat]

Yes, there are county option taxes, sales and 'bed' taxes at least.  Some of these taxes can push sales tax close to 10%.  Darned aggravating while traveling, as EVERY state does it to a point.  Taxation without representation for sure.  I've paid well over 10% in other states.  Heck, even 'sales tax free' MT gets visitors for at least a few percentage points.     Locals in MT have told me if you simply say 'I live here' or flash a drivers license, they'll drop the tax.  Don't understand how that works legally, but there it is.

[Crappiewy]

4% is the state sales tax in Wyoming. However cities and counties can charge another 2% for "improvements" Such as Fire and police equipment and recreation such as parks and facilities.

[Wyomingite4Freedom]

Campbell County is 6%...

[Herk]

Crook county: 6%

[sunny225]

Thanks y'all. Seems it just depends on where you shop, eh?

[Herk]

Thanks y'all. Seems it just depends on where you shop, eh?

Pretty much.  Also remember that MT has no sales tax! 

[manfromnevada]

Crook county: 6%

Yes, but it doesn't matter since you can't buy anything here!

Campbell County is 5% looking at my WalMart receipt. I'm equally far from the Gillette WM and the Spearfish (SD) WM. Let's see, SF charges 6% on EVERYTHING and Gillette charges 5% but only non-food. The bulk of my weekly purchases is food.

Let's see, pay 6% on everything to SD, or pay 5% on a few non-food items and have it stay in WY . . . . .
I'm thinking  . . . . . hard choice here . . . .

BTW, the Casper bureaucrats are pulling out all the stops to continue the optional 1% tax that they've approved over and over every few years. It's "not a tax increase" don't you know! Oh, and BTW, the sky will fall if the residents don't approve it. Their way of life will end if they keep part of their money instead of turning it over to those who have much higher purposes planned for it.

Mac

[Wyomingite4Freedom]

My bad  - I forgot that they let the last "penny power" expire...I'm sure it'll be back...

[Crappiewy]

Same thing happens in Cheyenne every year... They spend and spend and spend then when times are bad and employees need to be cut it never happens. They always seem to find the funds to pay the employees after swearing that goverment will stop if they dont get the added taxes..

I went to the Trash transfer station a few weeks ago to toss some trash and there were no less than 10 people there just watching what you throw into the bin....

[Paul Bonneau]

However cities and counties can charge another 2% for "improvements"

That's now up to 3%.    However I don't know of any county that is charging a total of 7% yet.

Wyoming only has (optional) additional sales taxes at the county level. Nothing at the city level, no school district taxes either. There are lodging taxes though; Park County's is maxed at 4%.