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Retiree taxes and planning implications for states: a survey
Kamala Raghavan,
Robert Morris University
ABSTRACT: The large mass of boomer retirees with their active life style, long life expectancy, comfortable retirement incomes, and sizeable estates presents opportunities for states to market themselves as the desired place to relocate, and develop a stable taxpayer base. Common wisdom states that retirees will move to sunny locations like Florida, Nevada and Arizona. Florida and Nevada with their sunny weather are also among the seven states that have no income taxes, making them quite attractive to the retirees. However, income taxes are only part of the retiree’s total tax burden. A potpourri of other taxes imposed by the states could add up to a hefty tax burden, possibly making a state with income tax more favorable to a retiree than a state with no income tax. Savvy states can promote the states’ total tax burden and amenities when the retiree is trying to decide on post-retirement relocation. This paper reviews the significant components of the retiree’s tax burden across states.
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