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Total Tax Burden


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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

 

 

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

 

Thanks!!!

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