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"Additionally, you may face state and local taxes, which could bring your total tax rate to as high as 54% — 37.6% in federal income tax, plus 3.8% in net investment income tax, plus 12.3% in ...
Remember, too, that living in a state that doesn't tax any retirement income won't mean no taxes. There's still the federal government, which does tax some Social Security benefits .
The long-term capital gains tax rate for most assets, such as stocks or bonds, is 0%, 15% or 20%, depending on your income level and filing status. However, coins are considered collectibles ...
Profits from the sale of gold are taxed as “other income” in accordance with the Individual Income Tax Law. For private investors, a fixed tax rate of 20% applies, based on the difference between the selling and acquisition costs. By contrast, regular commercial trade is taxed at the general income tax rates of between 5% and 35%. [5]
Tax rates vary by state and locality, and may be fixed or graduated. Most rates are the same for all types of income. State and local income taxes are imposed in addition to federal income tax. State income tax is allowed as a deduction in computing federal income, but is capped at $10,000 per household since the passage of the 2017 tax law ...
It follows that as state's per capita income rises, its tax receipt also increases. The data between changes in per capita taxes to the national averages in ratio to the changes in the per capita income to the national average has a correlation of .88 (Leonard and Walder, Page 56-57).
New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
[1]: 21–22 The majority applied the internal consistency test to the hypothetical situation, paralleling Maryland's tax scheme, in which every state imposed a 1.25% income tax on residents' income earned within the state, a 1.25% income tax on residents' income earned in other states, and a 1.25% income tax on income earned by nonresidents ...