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Statetaxes

All articles tagged with #statetaxes

finance-and-economy2 years ago•3 min saved

"Understanding Social Security Taxes: Who Pays More and State Implications in 2024"

As of 2024, 10 states continue to tax Social Security benefits, with each state having its own set of rules and income thresholds. While Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia still impose taxes on these benefits, the impact on retirees depends on the overall tax structure of each state. Retirees should consider all aspects of a state's tax system, including sales tax, property tax, and vehicle taxes, to determine the tax-friendliness of their state for retirement planning.

via The Motley Fool|

##finance-and-economy #retirementincome

finance-and-business2 years ago•3 min saved

"Georgia Welcomes 2024 with Tax Cuts and Fresh Laws"

In 2024, at least 12 states in the U.S., predominantly with Republican leadership, are implementing tax cuts to lower income tax rates for residents. Arkansas, Connecticut, Georgia, Indiana, Iowa, Mississippi, Montana, Nebraska, New Hampshire, North Carolina, Ohio, and South Carolina are among the states reducing their tax rates, with some moving towards a flat tax system. These changes are part of broader tax reforms aimed at providing financial relief amidst ongoing inflation, with varying thresholds and rates depending on the state.

via Fox Business|

##finance-and-business #incometax