Tax Relief Package

[NextJen]

Announced today eliminates 100% of state retirement taxes.

I take it that means a retiree will not pay state income tax on any retirement income (Pension, 401k, SS)?

Does anyone think this will actually pass?
If it does, will it change your retirement plans about staying in or leaving Maryland?

 

[jrt_ms1995]

Does anyone think this will actually pass?
If it does, will it change your retirement plans about staying in or leaving Maryland?

Perhaps. Otherwise Maryland has nothing going for it but geography (and I specifically don't mean its proximity to DC when I write "geography").

 

[Tech]

I would go with property tax elimination. No paying rent for the property you think you own.

 

[PrchJrkr]

While I would love to see both state income and property taxes done away with for retirees, I don't expect too much from MD. I do know that when you reach a certain age and live alone, the property taxes go WAY down or are completely eliminated. My thought is that they should do away with property taxes as soon as one starts to draw SS retirement.

 

[Rommey]

My thought is that they should do away with property taxes as soon as one starts to draw SS retirement.

...or at least the school tax portion...

 

[GregV814]

right now, Maryland is a rudderless steamship heading towards the Bermuda Triangle... Captain Larry Fatman Ahab barks orders to the crew, tries to placate everyone, has a Korean parrot crapping on his shoulders and wants to be the Admiral of the high seas...his life boats are named Baltimore and Pee Gee...

 

[SamSpade]

So it's happening? Or merely proposed?

 

[NextJen]

So it's happening? Or merely proposed?

As far as I know, proposed. Probably not likely to happen. But no state tax on retirement income could be a game changer for some folks thinking of leaving the state when they retire.

 

[PrchJrkr]

The game changer for me is a grandbaby due the end of July.

 

[Grumpy]

The game changer for me is a grandbaby due the end of July.

Gee, you must be old

 

[PrchJrkr]

Gee, you must be old

Dirt has nothing on me!