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Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Sunday, October 27, 2013

The 10 Most Unwelcoming States for Retirees

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Some states are stingy with retirement tax breaks.  Here are the top ten least tax-friendly states and the taxes they impose upon retirees:

  1. Rhode Island: 3.75% to 5.99% income tax, 7% sales tax, estate tax
  2. Vermont: 3.55% to 8.95% income tax, 6% sales tax, estate tax
  3. Connecticut: 3% to 6.7% income tax, 6.35% sales tax, estate tax
  4. Minnesota: 5.35% to 9.85% income tax, 6.88% sales tax, estate tax
  5. Montana: 1% to 6.9% income tax, no sales tax
  6. Oregon: 5% to 9.9% income tax, no sales tax, estate tax
  7. Nebraska: 2.5% to 6.8% income tax, 5.5% sales tax, inheritance tax
  8. California: 1% to 13.3% income tax, 7.5% sales tax
  9. New Jersey: 1.4% to 8.97% income tax, 7% sales tax, estate and inheritance tax
  10. New York: 4% to 8.82% income tax, 4% sales tax, estate tax

Rhode Island, Vermont, Connecticut, Minnesota, Montana, and Nebraska all tax Social Security income as well.

See Sandra Block, 10 Least Tax-Friendly States for Retirees, Kiplinger, August 2013.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/10/the-10-most-unwelcoming-states-for-retirees.html

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