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Here's a look at how various states tax retirement income. ... Washington state does feature a state capital gains tax, but only for high earners. ... Pennsylvania. The 41 states that don't tax ...
Here are 13 states that won't tax your Social Security, 401(k), individual retirement account (IRA), or pension income. A map of the U.S. overlaid with $100 bills. Image source: Getty Images.
In addition to the nine states that simply don't impose any income tax on anyone, four more states don't tax retirement income from 401(k) accounts, IRAs, and pensions, even though they do still ...
Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes. This table does not include federal tax revenue data from U.S. Armed Forces personnel stationed overseas, U.S. territories other than Puerto Rico, and U.S. citizens and legal residents living ...
Most retirement income is subject to state income tax in North Carolina, but residents with a taxable income of $47,150 or less are exempt. If your taxable income is between $47,151 and $238,200 ...
Washington does not impose a tax on assets such as bank accounts, stocks or bonds. Neither does the state assess any tax on retirement income earned and received from another state. Washington does not collect inheritance taxes; however, the estate tax is decoupled from the federal estate tax laws, and therefore the state imposes its own estate ...
Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.