#7 North Carolina
If you have recently moved to North Carolina or you are a long-time resident, then you should rejoice as the state has decided to go against the grain when compared to the tax rates that have seen changes at the federal level. The income tax rate at an individual level has seen changes in the latest years, including the state’s intention to make it a flat rate and not have it be progressive like in other states.
Thus, not only has it been cut down from the 5.25% rate that we saw active in 2021 (to 4.99% for 2022), but the state has an ongoing plan to continue lowering it down to 3.99% by the year 2027. While it may not seem like the change is that significant, it will be seeing a major reduction by the time it hits its full potential.
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?