The 'Couv'

The 'Couv'

Tuesday, October 24, 2017

New Tax Talk Favors Washington State.

Retirees may have yet another reason to hang out in the Evergreen State if the President gets his tax package through the Congress. Talk is that state and local income taxes may be removed as a deductible expense on the new federal tax law. This has Californians, Oregonians and New Yorkers in a fit as those states have notoriously high income taxes.

Here in the great State of Washington, we have no income tax and that means retirees can breathe a sigh of relief. Income tax for retired people is a serious drain on what is typically limited resources. Down south of the border, in the Beaver State, they get hit hard with most middle income retirees seeing state taxes in the 9% bracket.

Whether the new law eliminating the local tax deduction actually gets passed into law is yet to be seen and there are some who feel that provision will die in the negotiation process as the bill circulates the house of representatives. But live or die, Washingtonians need not worry.

Take a peek at some of the tax related articles I have posted over the last few years and get ready to retire to Washington State.

Don't fret the taxes, come to Washington State keep more of your income and enjoy the gorgeous Evergreen State!


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