Jump to content
SASS Wire Forum

Total Tax Burden


Recommended Posts

I've been looking at what states charge us to live within their borders - part of thinking about the cost of living in retirement.

 

As Cheyenne Culpepper pointed out in an earlier thread, you can't just compare income tax rates; you need to look at the bigger picture. So, I decided to look first at TOTAL TAX BURDEN - the total of all fees and taxes imposed by the state. I calculated it in two parts - using present income and then projected retirement income.

 

I compiled a list of all taxes in my state, including real estate, income, excise, sales, fuel, personal property, etc. I added to this a list of all common fees imposed by the state, including licensing, registrations, CCL, etc. I then plugged in numbers based upon my own tax liabilities.

 

Using my current income, my total state tax burden is 12%. Using my projected retirement income, although the numbers are much lower, the total burden is 12.6%.

 

I'm adding this to a growing list of factors to use to compare locale to locale; it's one piece of the pie.

 

LL

 

 

Link to comment
Share on other sites

Please let us know what you come up with. We are in flux right now and that information would be valuable.

 

Thanks!!!

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.