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5 Least Tax Friendly States to Retire

Avoid these potential retirement places if taxes are a main concern

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#3 Least Tax Friendly State to Retire: Connecticut

State income tax (6.7%) and state sales tax (up to 7%) are just the beginning of the tax fun (sarcasm!) awaiting you in Connecticut. Real estate taxes are the second-highest in the nation, according to the Tax Foundation.

And pensions and other retirement income doesn’t get a break. As Kiplinger points out, “the state taxes a portion of Social Security benefits for single taxpayers with federal adjusted gross income of more than $50,000 and married taxpayers filing jointly with federal AGI of more than $60,000.” Then there’s taxes after death: Connecticut taxes estates valued at $2 million plus beginning at 7.2%, with a maximum rate of 12%.

Article printed from InvestorPlace Media, http://investorplace.com/2014/02/5-least-tax-friendly-states-retire/.

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