#5 Washington
If you’re generating income from capital gains, then you should be looking closer at Washington’s tax law. The state has decided that entities that have capital gains over $250,000 will be facing a possible 7% tax at the state level. However, this is without counting the money you earn from real estate, livestock, timber, and any retirement savings account.
Despite the fact that this law went into effect in 2022, it is also pending litigation. So, if you’re a resident of Washington, you should be keeping a close eye on how everything unfolds so you won’t be in for an unpleasant surprise.
Last spring I heard the our state (Maryland) had passed legislation giving retirees a break on income taxes. I have yet to find out what that break is.
Well I am waiting to see what the rate for retirees. It’s crazy that they want to take away our hard earned money, working 50-60 hrs per week and save in a IRA now they are going to raise taxes to take care of illegals. Something is NOT right with this picture. It’s OUR money, not the governments.
Although, I do not make a big salary on my job, but, I am affected bytax prices. I will never vote for Dem’s.
I need more info please?
Just another way for the wealthiest of us to keep their money! If you want to impress me with tax break maybe cut the ridiculously high property tax’s in Iowa. Property taxes should not be a bigger monthly payment then your mortgage principle balance but it is?