Yes, overall taxes due to living in a state typically have many angles - some of which can be favorably affected by the resident.Pure clickbait IMHO. The article refers to 2025 State Individual Income Tax Rates & Brackets
Being a NJ homeowner for decades, if you live in central or south Jersey, not at the shore, NJ is the 2nd most affordable state in the North East, tied with PA in my opinion. Delaware has lower taxes. I’m basing my guidance on NJ income tax, property tax and homeowners insurance. I have extended family in some of these states.
I was so surprised at how simple ours is. It's pretty much take your FED1040 and subtract out a few things. Very handy.The regular top marginal rate in Connecticut is 6.99% for state AGI over $1,000,000 (MFJ). However, there are a variety of cliffs and tiers for various credits, deductions and exemptions that can cause your marginal rate to exceed that at times. My state tax return is substantially more complicated than my federal tax return, and projecting the result of various financial maneuvers, like Roth conversions, is much more time consuming.
Mine is simpler than yours!I was so surprised at how simple ours is. It's pretty much take your FED1040 and subtract out a few things. Very handy.
Yes, but I have no cliffs or land mines to look out for.Mine is simpler than yours!![]()
Also live in PA (Bucks County). Moved 17 years ago to escape NJ income tax rates, as did many in Bucks County (on the border of NJ and and PA). The real benefit (at least in Bucks County) is that they do not reassess real estate even on a sale so my assessment has not changed in 17 years and will not change. Have no idea why or how this is constitutional but not for me to litigate. So although taxes increase each year with the school, county and municipal budgets, we do not suffer the reshuffle caused by a reassessment.PA’s income tax is reasonable, especially with the deductions it offers for giving to 529 plans and donations to Catholic and other parochial schools.
Property taxes are getting pretty high in my area.
Evidently deemed not useful. Even though I pointed to total tax burden as a better metric.
I think PA gets a ton of MD Fed Gov’t retirees cause their pensions are exempt. MD rates are on the high side but not as onerous as some others. We can exempt a chunk of pension or SS (but not both).Also live in PA (Bucks County). Moved 17 years ago to escape NJ income tax rates, as did many in Bucks County (on the border of NJ and and PA). The real benefit (at least in Bucks County) is that they do not reassess real estate even on a sale so my assessment has not changed in 17 years and will not change. Have no idea why or how this is constitutional but not for me to litigate. So although taxes increase each year with the school, county and municipal budgets, we do not suffer the reshuffle caused by a reassessment.
Don't get me wrong. I think it would be proper to reassess but I'll accept the hand I am dealt.
Kind of a strange thing to say? I have none either.Yes, but I have no cliffs or land mines to look out for.![]()
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My state tax return is substantially more complicated than my federal tax return, and projecting the result of various financial maneuvers, like Roth conversions, is much more time consuming.
There are indeed fewer pages in the state return, but the calculation is much more difficult.I am not doubting you. Just really surprised, as our two state returns have far less pages of paper than our federal return.
There are indeed fewer pages in the state return, but the calculation is much more difficult.
Yes, it will, but that isn't much help for planning the year ahead or easily contemplating the tax effects of financial transactions on the fly.Gumby, doesn’t TurboTax (or whatever tax program you are using) perform all the calculations for you?