are dominating the conversation in states like New Jersey, Illinois, California and Kentucky.
However, if state government pensions are cut some may feel like they have to.
$4,000 to $5,000 of money every month the rest of your life after working 28 years is a deal that is hard to beat.
States with increasing income taxes aren’t doing so great – consider Illinois. Illinois can’t afford to pay their lottery winners. A friend of mine said he was supposed to receive about $200 back on his state income tax filing but knew Illinois would never give it back to him and he was right, they didn’t. They don’t have the money. The new tax rate for individuals in Illinois is 4.95 percent as of July 1, 2017. Kentucky collects 6% from its highest earners. If you earn over one half million dollars a year you pay 8.97% in state income tax in New Jersey. If you earn between $75,001 and $500,000 then the rate is 6.37% in New Jersey. In Florida the state income tax is zero. However, you do pay a 6% sales tax. In Florida you do not have to pay tax on income from an S corporation.
Glenn Mollette is a syndicated columnist and author of twelve books.