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To: cuban leaf
It's very interesting that, here in crazy-tax Illinois, I've found that the state doesn't tax any retirement income (SSI or RMD), so far.

Our new, morbidly obese billionaire gubna might change that. He's firmly commited to tax and spend.
13 posted on 03/07/2019 6:39:22 AM PST by budj (combat vet, 2nd of 3 generations)
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To: budj

The thing about all states is that they have to get their money from somewhere, be it income, real estate, sales tax, etc. It is also important to see just how much money the state SPENDS on stuff you don’t want.

The nice thing about Kentucky, for me, was that since they get a lot of their tax from income, the property tax is low. So, if you don’t have any “taxable” income, you can live there really cheap. My taxes on a ten year old home, a 40x60 barn, 32 acres with one natural spring and two streams, is ANNUALLY about the same amount as a MONTHLY Toyota Corolla payment. It used to be a Toyota Camry payment, but when you turn 65 you get a fairly significant discount. :)

So, if you live here and you can pay off your house, your cost of living is pretty darned low. :)


17 posted on 03/07/2019 6:45:50 AM PST by cuban leaf
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To: budj

That feature in IL tax code is the only thing that is keeping at least some of the retirees there.


24 posted on 03/07/2019 7:04:46 AM PST by Oldexpat (Jobs Not Mobs)
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To: budj

“It’s very interesting that, here in crazy-tax Illinois, I’ve found that the state doesn’t tax any retirement income (SSI or RMD), so far.”

I’m in that category. The shits of it is my wife isn’t and if you throw in the wretched real estate tax it works out to about $1,000/month. If you are unfortunate enough to live in Chicago you also have to contend with a 10.25% sales tax.


25 posted on 03/07/2019 7:05:54 AM PST by Bonemaker (invictus" maneo)
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