Too Many American States Variables
Too Many American States VariablesToday it pays to look at the fine print of each state's programs to find the most suitable to one's existing and future needs. It would pay to have expert advice on the subject. The article cited explains the major differences in the tax treatment of retirees for each state which run from zero or near zero to quite substantial such as an 11% tax rate for California. The tax consequences are significant since a resident of one state could be comfortable and the resident of another state with the same income is uncomfortable.
Tax-Free in the Rust Belt
http://finance.yahoo.com/retirement/article/103293/Tax-Free-in-the-Rust-Belt?mod=oneclick
COMMENT
But the differences are not solely at the taxation level, but at many levels. The variety of programs available in each state for Medicaid vary as well as requirements for elligibility and approval, as well as benefits. For a similar program people of similar attributes could be approved in one state but the resident of another state could be turned down. Other support programs vary by state too.
Tuition in some states are likely to be free or near free but in other states, the tuition can be very high to make it a hardship for most people.
Some states provide a local real estate tax reduction for retirees and others do not.
Employment varies also because states and local governments compete for jobs. Some states seem to be able to attract businesses from other states. Some states are replacing higher paying jobs with lower paying jobs.
Some states have advantages over other states to provide relief from taxes such as gambling in Nevada and the oil business in Alaska. Some states owe billions of dollars in debt or in retirement obligations of state and local government workers and their residents face higher taxes in the future.
Some states are much more consumer friendly than others. Some states allow residents to shelter substantial assets from bankrupcy for example than others. Many executives under prosecution have moved to Florida for example to build estates to shelter assets. Arkansas used to ( and maybe still does) forfeit all loan claims at usurious rates allowing consumers to keep merchandise without paying for it.
Quality of life variables affect residents of all ages. The quality of education and availability of health insurance and services affect school age children. Availibility and affordability of training and education affects high school gradutes also varies widely. Availability of good paying jobs and affordable housing affects young people starting their work careers. I'm sure there are states where there are higher numbers of young adults moving back in to their parent's homes.
New Jersey has a net loss of citizens largely due to high taxes and the unaffordability of living there during retirement. New Jersey would have had a net loss of population except for hundreds of thousands of illegal immigrants migrating there recently.
Climate and activities are important too but if a resident will suffer because of high taxation and lack of affordable services he or she will not enjoy the climate or activities.
The Republicans tends to go by states rights and complain about central government. They are wrong because the differences among the states are widening vastly now. The central government should support common goals for the nation such as good paying jobs, fair taxation, universal health care, quality schools, affordable housing, and other things across all states. The trend is that differences among the states will become even more profound over the years unless Washington is sensitive to step up to the challenges.
Children should obtain an excellant education in any state. Latest numbers indicate 47 million Americans without health insurance. Good paying jobs with benefits are required for all citizens. Affordable housing is necessary. Quality of life should be equal for all citizens across each state.
posted by God Bless America - Bob @ 11:43 AM
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