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Subject:  Re: New Tax on Retirees proposed Date:  7/11/2009  8:48 AM
Author:  tonyr53 Number:  15249 of 20640

Interesting thing about state taxes, they all have them but who they tax varies. Don't like high income tax? Move to Illinois with a 3% flat tax. And no tax on pension, SS or qualified retirement distibutions. Just don't buy a big house. Illinois relies heavily on property taxes for local gov't and schools. Our state sales tax is in the middle of the pack but some cities and counties pile on high sales taxes of their own. Stay out of Chicago if you like to buy things. >/i>

Good old New Jersey has high income taxes (max rate over 10%), high sales tax (7%) and the highest property taxes in the nation and are the only state in the country with both an estate and inheritance tax. Thinking about moving out to a lower tax state? They have you there too as they have a real estate transfer tax. At least the gasoline taxes are cheap so that it won't cost us much to flee in our cars.

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